CLEVELAND — Employees who showed up to work on Monday at Bakers Square in North Olmsted were shocked to find out the restaurant is no longer in operation.
The parent company for Bakers Square, American Blue Ribbon Holdings LLC, filed for Chapter 11 reorganization and closed 33 of its Bakers Square and Village Inn locations, according to Nation's Restaurant News.
“The company believes the reorganization will facilitate the company’s Village Inn and Bakers Square restaurant brands evolution to a healthy core of restaurants and support an approach to the brands that is most beneficial for all stakeholders,” American Blue Ribbon Holdings said in a statement. “As part of the reorganization, the company will explore a variety of strategic and structural initiatives to best position the company for success in the future.”
The company said the move comes after anticipated losses in 2020.
“Accordingly, the company filed the bankruptcy and closed 33 underperforming stores, obtained post-petition financing that will provide sufficient liquidity for the company to fund operations during the case; and will explore its strategic options to create a healthy foundation for optimizing the performance of the businesses while under the protection of the bankruptcy code,” American Blue Ribbon Holdings added.
Roughly 35 employees at the North Olmsted Bakers Square are now without jobs. A recording on the restuarant's phone indicates they are now closed.
According to the Bakers Square website, the only locations that are open in Ohio as of Monday are in Parma Heights and Mentor.
The news about Bakers Square closing in North Olmsted comes on the same day that Bar Louie similarly filed for bankrupcy and closed 38 restaurants nationwide, including its location in Strongsville.