Garden Fresh Restaurant Corp., the owner of Sweet Tomatoes and Souplantation, filed for bankruptcy on Monday, according to a company spokesman. The company said it plans to restructure, close locations and put itself up for sale. The company would not immediately release further details about the plan.
I don't understand this. Every time I go there the place is packed, and it is not like they are giving their food away. The prices average about $10 per person, and there is not much meat in their selections.
sort of priced themselves out of business. When it was $5.99-6.99 AYCE for lunch it was a good deal. But to pay $10 with tax not even including a drink reg price for lunch, it lost it's appeal. Guess there's a price point for lunch buffets, no matter what you are serving. (Chinese, Salad Bars, Indian Food, Pizza, etc)
Also, they recently spent a fortune redecorating most of their locations, thinking that was the attendance problem. It did not help at all!
They also played with some of their recipes, especially soups, making them saltier and spicier. Most of the old timers and elderly who patronize this chain hated these changes but corporate prevailed.
Corporate management blames Obamacare, rising minimum wage and rent expenses for the final straw. Now they have an enormous debt load, are unable to find any corporate buyer and are giving the debt holders the entire chain to further degrade. Goodbye
Considering this is the DISCOUNTED price, I can see where they are having trouble. The two times I've been to ST in 5(?) years, we've felt underwhelmed, as there's no real 'meat' option and it's fairly challenging to get your money's worth on just soup and salad.
At the price points show above, we can have full-service fast casual (Cheddar's, Texas Roadhouse, Black-Eyed Pea) with a much larger variety for less money (typically with a coupon). Economically, I can't see how they've made it work this long.
Logan's Roadhouse filed for bankruptcy too on Monday. A popular one in Ft Walton Beach expectantly shut doors and removed the LOGANS sign with a crane on Monday. Wait til restaurants are forced to raise minimum wages to $15/hr many more will follow along with all those needed part time and entry level jobs.
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