Italian restaurant chain Bravo Brio Restaurants has filed for Chapter 11 bankruptcy.
The company owns Bravo! Italian Kitchen and Brio Italian Grille, the “Today” show reported.
The filing was done to “improve its financial position as it brings on a new investor,” it said in a news release.
The company blamed “macroeconomic forces beyond the company’s control,” according to the Restaurant Business trade publication. That included lower customer demand and higher costs for labor and food.
It hopes to “quickly and efficiently reorganize” and may include closing some locations, restructuring debt and cutting expenses.
The largest debt it owes is $1.9 million to Sysco Corp, Restaurant Business reported.
There are about two dozen locations under each brand nationwide.
This is not the first time the company has sought bankruptcy protection.
It filed for bankruptcy in 2020 and closed 48 locations, “Today” reported.