Matchbox Food Group files for bankruptcy. Photo courtesy of matchbox restaurants.com
Matchbox Food Group LLC filed for Chapter 11 bankruptcy protection on Monday. The corporation cited the impact of the pandemic and the need to “rationalize its store footprint,” Restaurant Hospitality reported.
The 12-unit, Washington, D.C.-based casual-dining concept has a Preston Hollow location at 7859 Walnut Hill Lane. The restaurant also has locations in Florida, Maryland and Virginia.
In 2018, Thompson Hospitality invested $11 million in Matchbox for an unexercised purchase option––and now Thompson has proposed purchasing the Matchbox chain.
“For the last two years, Thompson Hospitality has joined forces with Matchbox to manage our restaurants and develop new ones,” Edwin Sheridan IV said, a Matchbox Food Group board member, in a statement. “They are now proposing to take a larger role, proposing a purchase of the chain, subject to court approval. The Matchbox brand now has a clear path forward that enables us to be flexible in any environment. We are confident that we will emerge stronger.”
“The impact of the COVID-19 pandemic on the restaurant industry has been swift and damaging,” he said. “The Chapter 11 process will enable us to emerge as a stronger company, and to continue to serve as good partners with our team members, vendors, landlords and our loyal guests.”
