Craft beer-focused restaurant chain World of Beer Bar & Kitchen filed for bankruptcy in a bid to restructure its operations and address burdensome debts amid diminished foot traffic affecting brand operators nationwide.
The Tampa, Fla.-based chain, which has 740 employees working at more than 30 locations nationwide, sought Chapter 11 relief Aug. 2 in the US Bankruptcy Court for the Middle District of Florida, citing $25.6 million in secured liabilities and $3.8 million in unsecured debt.
The casual dining brand has suffered a drain on cash flow due to pandemic-related shutdowns, litigation with franchisees, and changing consumer habits that have ...
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