On Monday, popular Italian restaurant group Bravo Brio filed for Chapter 11 bankruptcy in the state of Florida, joining the slew of other popular Italian restaurant chains like Buca di Beppo, which have also filed for court protection in recent years due to rising economic pressures and changing consumer spending habits. And this is not the first bankruptcy go-around for Bravo Brio. The restaurant group behind Bravo! Italian Kitchen and Brio Italian Grille, known for their authentic yet accessible Italian classics like creamy seafood risotto and hearty pasta dishes, has changed hands multiple times, most recently in 2020, when the restaurant group last filed for bankruptcy and was bought by Earl Enterprises.
At the time, over 50 of the restaurant group's locations were closed. Now, this week's filing news threatens to shut down more of the still-standing 31 Brio and 25 Bravo locations. It's highly likely that this will mean more restaurant shutdowns, specifically locations that are underperforming financially. This will add to several restaurant spots already closed this year, such as mall locations in Virginia and other states. In a press release regarding the filing via Restaurant Dive, Bravo Brio stated that like other dining groups, it plans to use the "bankruptcy as a tool for restructuring," referencing reasons for recent financial struggles including but not limited to pandemic-related restaurant shifts (such as the rise in fast-casual eateries), inflation, rising debt, and operational expenses.
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Bravo! Italian Kitchen and Brio Italian Grille, which were first opened in Columbus, Ohio, in 1992, have beloved locations in cities from Cincinnati, Ohio, to Albuquerque, New Mexico. However, in addition to significant sales drops (we're talking just short of a 50% decline in the years since 2019) across their locations, the restaurant group has long struggled with paying down its debt. In 2020, when the group formerly owned by FoodFirst Global Holdings Inc. first filed for bankruptcy, it was reportedly carrying approximately $27 million in debt. Though current debts don't appear to be included in the recent press release, there have been several attempts to continue to improve the Italian restaurant group since Earl Enterprises came into the picture.
The most recent attempts likely include bringing on Craig Miller as CEO just this past March. Robert Earl of Earl Enterprises noted (via Restaurant Business News) that Miller, the former CEO of big-time restaurant chains including Ruth's Chris Steakhouse and Uno, was brought on due to his "unparalleled expertise and strategic vision." It is not clear how else the bankruptcy filing will impact the business -- or if it will fix years of shaky business -- but it's likely that Bravo! Italian Kitchen and Brio Italian Grille locations across the country could very well close their doors in the months ahead.