Garden Fresh Restaurants, LLC (Souplantation/Sweet Tomatoes) is liquidating all assets under their Chapter 7 Bankruptcy filing.
The chain, which employed thousands, was a popular place to dine with self-service food bars, was not able to survive the impact of the COVID-19 pandemic and permanently closed all 97 restaurants and 3 distribution centers in early May.
It is, to-date, the largest restaurant bankruptcy and liquidation as a result of the pandemic.
The equipment and contents are being auctioned online from until June 30th, 2020.
The Garden Fresh bankruptcy and resulting liquidation is an important story about the challenges facing the restaurant industry as a result of the pandemic.
According to the National Restaurant Association, the industry lost over $225 Billion in revenue putting over 8 million people out of work and resulting in the temporary or permanent closing of over 150,000 locations.
Neal Sherman, President of TAGeX Brands (which operates RestaurantEquipment.Bid), an expert in restaurant closures, equipment and liquidation says, “Garden Fresh’s bankruptcy is an early sign of the challenges to come for the restaurant industry in the wake of COVID-19.
Our aim with online auctions is to ensure that quality items don’t end up in a landfill – but instead allows for sustainable repurposing that not only makes economic sense but will provide a positive outcome for surviving restaurant operators who can benefit from this liquidation.”
Leslie Gladstone, Trustee of the Bankruptcy who also serves as an officer of the National Association of Bankruptcy Trustees, says of the liquidation, “It is our first and foremost mission with this liquidation to get some return for the creditors of this chain.
We also intend to provide a sustainable re-use of the equipment that will make a difference for other restaurants who have been incredibly challenged as a result of the pandemic.”
For more information, visit www.RestaurantEquipment.Bid