Miracle Restaurant Group, an Arby’s franchisee with 25 units, has filed for Chapter 11 bankruptcy for the second time since 2010. The Louisiana-based operator plans to sell its restaurants outside of its home state and Mississippi. This filing comes amid a broader trend of bankruptcies in the fast-food industry, with several major franchisees also seeking Chapter 11 protection. Additionally, the expiration of Subchapter V on June 21 has limited small and mid-sized businesses' ability to access a less-costly alternative to traditional Chapter 11 filings. The surge in bankruptcies includes a popular sporting goods chain, a bakery chain, and other restaurant chains blaming factors like weak sales, delayed tax refunds, and Covid. This is considered a 'Chapter 22' filing as it is the second time Miracle Restaurant Group has sought bankruptcy protection.
An Arby's franchisee has filed for Chapter 11 bankruptcy protection. https://t.co/Z84MLo5dhJ
It Just Got More Difficult to Qualify For Subchapter V Bankruptcy https://t.co/R6UQrL2mW0 #bankruptcy #filing @WardandSmith https://t.co/qe4EywWW5n
Arby's Franchisee Files For Chapter 11 Bankruptcy https://t.co/cVjBTKqeR6
One of the funnier entries in the bankruptcy annals. h/t @BankruptcyData https://t.co/hKNnAYWy8h
Another popular restaurant files Chapter 11 bankruptcy, blames Covid https://t.co/KnDNVy62Oc
U.S. bankruptcies under Subchapter V of Chapter 11 surged to a single-day record as small businesses including packaged waffle maker Julian's Recipe rushed to file before the expiration of a key provision that would have made some of them ineligible. https://t.co/EIzcAxDOEs https://t.co/GFkFebJ1ri
Fast-food chain fights for survival after Chapter 11 bankruptcy https://t.co/qhC7twLZ38
Arby’s franchisee Miracle Restaurant Group files for Chapter 11 bankruptcy protection. The Louisiana-based operator plans to sell its restaurants outside of its home state and Mississippi https://t.co/EGZBYacom1 https://t.co/xXBO8gVV15
Another fast-food chain operator files Chapter 11 bankruptcy https://t.co/dvTTWlVg9L
The #restaurant bankruptcy trend continues. This is a "Chapter 22" filing so they didnt fix deeply enough earlier. Restaurants shouldn't have negative EBITDA or live on tax refunds. RT: Weak sales and delayed tax refunds push an Arby's franchisee into bankruptcy…
Another day, another bankruptcy. Miracle Restaurant Group, an Arby’s franchisee with 25-units, has filed for Chapter 11 bankruptcy for the second time since 2010. https://t.co/qBix7cqHKB
Another big fast food franchisee files Chapter 11 bankruptcy https://t.co/TtDbSaHFRp
Major fast food franchisee files for Chapter 11 bankruptcy https://t.co/XOU3TiIkq5
After years of rising popularity, it just got harder to qualify for the recently created Subchapter V bankruptcy option. https://t.co/Py8OtTO3jE
Popular bakery chain files unexpected Chapter 11 bankruptcy https://t.co/MiEg4fbvxB
Popular sporting goods chain files Chapter 11 bankruptcy https://t.co/z5VLBbxt4K
Subchapter V, a popular program that expanded eligibility for small business bankruptcies in the US expired on June 21, limiting small and mid-sized businesses' ability to access a less-costly alternative to a traditional Chapter 11 filing https://t.co/nm4YiMrDcT https://t.co/q0jOjmto6y
Fast food chain fights for survival after Chapter 11 bankruptcy https://t.co/qcTNrql6bm