NEW YORK (PRWEB) December 14, 2020
Plant-based, fast casual restaurant by CHLOE., with fourteen locations in the U.S., has filed for a voluntary financial restructuring designed to position the Company for future growth and long-term success. The restaurant group has obtained new working capital financing from a consortium of its existing investors that will provide ample liquidity for by CHLOE. to continue operating and supporting its employees during the process.
Concurrent with the filing of voluntary petitions under Chapter 11 of the U.S. Bankruptcy Code in Delaware, Jimmy Haber has stepped down as CEO. by CHLOE.’s Board of Directors has commenced a search for a new CEO to lead the Company’s next phase of growth and has named Chief of Staff Catey Mark Meyers to lead the company in the interim.
“The COVID-19 pandemic hit all sectors of the restaurant industry especially hard, including the fast casual category. In the face of remarkably challenging conditions to operate in, we believe that a complete reorganization of the company is necessary for by CHLOE. to emerge and thrive long-term,” says Mark Meyers. “While we are working to retool the brand’s operations, the by CHLOE. experience remains intact and our immediate priority is to continue to serve our loyal guests and preserve the jobs of our valuable restaurant team. The financial restructuring is a positive step forward towards our planned growth goals pre-pandemic, which include expansion in the Los Angeles market and internationally in 2021 and enriched investment in a culinary innovation pipeline.”
Cheryl Sheppard, Managing Partner of by CHLOE.’s international business adds, “The popularity and appreciation of plant-based dining has gained significant momentum since by CHLOE.’s debut in 2015, and even more so during the pandemic as consumers have altered their eating choices to reflect realigned values. From our Guac Burger to the newly introduced Hot Chicky sandwich, we know our product resonates across diverse audiences and are proud to extend our trailblazing role in the industry. The working capital support from deeply experienced restaurant owners and operators is a clear demonstration of the brand’s future viability and allows us to lay the groundwork for sustainable success.” The existing investor group supporting by CHLOE. through the financial restructuring is led by QOOT International along with Kitchen Fund, Lion Capital, and Bain Capital Double Impact.
Young Conaway Stargatt & Taylor, LLP is serving as by CHLOE.’s legal counsel and Ankura Capital Advisors as financial advisor. Notice of all bankruptcy filings and rulings will be available on the docket of the United States Bankruptcy Court for the District of Delaware and on the website of the claims and noticing agent Epiq Corporate Restructuring, LLC at https://dm.epiq11.com
About by CHLOE.
by CHLOE. is a purpose-fueled fast casual restaurant group committed to providing delicious plant-based food with over a dozen locations throughout the world. Since its debut in 2015, by CHLOE. has been a destination for vegans and omnivores alike, offering a creative menu of house-made burgers, sandwiches, salads, and baked sweets. The brand’s core values include making plant-based food accessible and promoting the environmental benefits of plant-based living while striving to innovate within and beyond the vegan category. by CHLOE.’s global locations include Boston, MA; Silverlake, CA; Providence, RI; Toronto, Canada and London, UK, with plans to grow to three locations in Southern California and open its first outpost in the Middle East in 2021.