US-based sandwich chain Taylor Gourmet has reportedly filed Chapter 7 bankruptcy protection following the closure of all its locations last week.
According to the documents filed with the federal bankruptcy court, the restaurant chain had $10m to $50m in liabilities, as well as $1m to $10m in assets.
The Chapter 7 bankruptcy code provides for the sale of a debtor’s non-exempt property and the distribution of the proceeds to creditors.
The company also noted unsecured creditors will not receive any funds following the payment of administration expenses, reported National Restaurant News.
Private investment firm and Taylor Gourmet investor KarpReilly has reportedly withdrawn its $5.6m investment.
Last week, the restaurant chain announced to close all its locations in Washington, DC, and Chicago following KarpReilly’s announcement.
KarpReilly recently announced that it will also sell San Francisco-based restaurant chain Patxi’s Pizza to Elite Restaurant Group, reported the news website.
In an earlier report in the Washington Business Journal, Taylor Gourmet’s co-CEO Casey Patten revealed about plans to close three restaurants.
Taylor Gourmet currently operates various restaurant brands such as Burger Lounge, California Fish Grill, Café Zupas, Eureka and Superba Food + Bread.
The restaurant chain offers a range of food and catering services to customers such as hoagies and salads, including penn’s landing, butternut squash risotto and devil’s pocket.