5 Restaurant Chain Bankruptcies That Are Shaking the Industry in 2023

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Even successful chains haven't been immune to this troubling trend.

Sign up for our newsletter!Summit Restaurant Holdings once boasted 145 Hardee's units across numerous states including Florida, Kansas, Alabama, South Carolina, and Georgia. Now,

after filing for Chapter 11 bankruptcy in May 2023. The operator has already shuttered 39 locations this year.across 16 states, Summit still has around 100 Hardee's restaurants. Known for its Made From Scratch Biscuits, the Hardee's chain is owned by parent company CKE Restaurants Holdings, Inc.

"CKE's goal is to maintain the maximum number of stores continuing to operate, backed by a capital structure that is sustainable and poised for long-term growth and success, and we are working with all parties to achieve that goal," CKE added. Per court filings, many of Summit's Hardee's locations struggled to bring in traffic during the pandemic, and recent inflationary pressures tied to food and labor costs proved to be too much for the company's cash flow.Owned by the same parent company as Burger King, popular chicken chain Popeyes also had a major franchisee declare bankruptcy this year. Premier Cajun Kings was founded by Manraj"Patrick" Sidhu in 2018 with six Popeyes units around the Birmingham, Ala. area.

 

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