Pat & Oscar’s Files Chapter 7 & Closes 3 locations.
The company closes 3 locations, but the Eastlake location is safe for now.
Pat & Oscar’s has closed three more Southern California locations as the struggling fast-casual chain, known for its buttery bread sticks, files for Chapter 7 bankruptcy.
Company-operated restaurants in Temecula, El Cajon and Carlsbad closed Sept. 23. In August, the chain closed its only Irvine location. A Chapter 7 bankruptcy filing typically means liquidation of assets. However, the Carlsbad-based chain said 11 franchise locations, including three restaurants in Orange County, will remain open.
“For a number of months the management of Pat & Oscar’s has worked very hard to streamline operations and return the company to profitability. However, we discovered that while these efforts were important and necessary, they were not going to be sufficient to save our parent company,” the company said in a prepared statement.
Company officials declined to discuss the bankruptcy.
The other 11 locations still in operation are in Orange, Santa Ana, Buena Park, San Marcos, Mira Mesa, San Diego, Mission Valley, Chula Vista, National City, San Bernadino and Palm Desert.
The company said gift cards and family rewards points will still be honored at all open locations.
“Our franchisee group is currently working together to ensure the longevity of the Pat & Oscar’s brand at all remaining Pat & Oscar’s locations,” the company said.
The company said more franchisee locations sporting a new prototype concept could open in the future “with an enhanced menu and updated look and feel.”
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Posted by Eastlake Times on Oct 3 2011. Filed under Business News in Chula Vista, Community of Eastlake, Eastlake News, Premier. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry
