Sizzler USA has declared bankruptcy, with the 62-year-old chain known for its affordable steaks and all-you-can-eat salad bar citing the ongoing coronavirus for its financial woes.
The pandemic, which has killed, has hurt “fast-casual” restaurant chains like Sizzler burdened with high rent and other operating costs. and the both declared bankruptcy this summer, citing the outbreak’s impact on business.
“Our current financial state is a direct consequence of the pandemic’s economic impact due to long-term indoor dining closures and landlords’ refusal to provide necessary rent abatement,” Chris Perkins, Sizzler president and chief services officer, said in a statement.
Sizzlers has 107 restaurants around the U.S., 93 of them franchises. The company said it planned to continue running 14 company-owned restaurants during the restructuring process. Filing for Chapter 11 protection from its debts should give the company breathing room to renegotiate leases, Perkins indicated.
Founded in 1958, California-based Sizzler also sought bankruptcy protection in 1996.