Sep 05, 2024
The renowned fact-casual Mediterranean restaurant group, known as Roti, filed for Chapter 11, subchapter V protection on August 23, 2024, in Chicago. Roti’s CEO, Justin Seamonds, hopes to use Chapter 11 to find purchasers for the chain or financial support for a restructuring in order to ensure its long-term viability. In a statement accompanying the filing, he explained: “After careful consideration, filing for bankruptcy protection was the best way to address our challenges – including financial performance, higher costs, mixed location performance, and tough market conditions – while staying open and focused on delivering Food For A Full Life to each and every guest.”
This decision comes as a response to the financial challenges the company has faced in recent years and in the post-Covid era. Roti joins several other businesses that have recently filed for bankruptcy, including Red Lobster, Rubio’s, and others. During the bankruptcy process, Roti will continue to operate its restaurants in the ordinary course of business.
Roti is represented in the Chapter 11 cases by Richman & Richman LLC of Madison, WI, and has engaged Harney Partners as financial advisor and Ravinia Capital LLC as investment bankers.
For further information about this press release, please contact Michael P. Richman at (608) 709-5998
