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Yardbird Southern Table & Bar files for bankruptcy to sell business
The Florida-based restaurant chain said it has plans for a going-concern sale while listing about $24.8 million in funded debt and roughly $24.2 million in unsecured claims.
Florida-based Yardbird Southern Table & Bar filed for bankruptcy on Sunday, citing strain from expansion costs, operating challenges at the restaurant level, pandemic disruptions, and mounting debt, according to Yahoo Finance.
The polished-casual concept currently runs company-owned restaurants in Dallas, Washington, D.C., and Chicago, and operates licensed locations in Las Vegas and Singapore. The company employs about 508 people across corporate and licensed restaurants and said it plans to continue operating through the bankruptcy process while pursuing a going-concern sale.
Yardbird filed first-day motions seeking authority to keep payroll and employee benefits running, pay certain vendors, maintain customer programs, and use its existing cash-management systems.
The bankruptcy filing lists approximately $24.8 million in funded debt and an estimated $24.2 million in unsecured claims. Brightwood Loan Services and related lenders are owed about $13.3 million under a credit agreement backed by first-priority liens on nearly all assets, City National Bank of Florida is owed nearly $8.4 million through a Main Street Lending Program loan, and about $3.1 million is outstanding under an agreement with inKind, a restaurant financing and rewards platform.