Restaurant chain Hawkers Asian Street Food has filed for Chapter 11 bankruptcy to “maintain operational control” of the company.
In a statement provided to Orlando Weekly, Hawkers said the Chapter 11 filing would allow the company to continue normal, uninterrupted operations and vendor payments, as well as to re-stabilize company control.
The chain added it entered into a debt capital agreement with the lender early last year to grow the brand. However, the lender has been “overreaching” over the past weeks with the intention of gaining control of the company.
The company plans to negotiate a favorable outcome with the lender to “secure a thriving and successful future for Hawkers and its dedicated team.”
Founded in 2011 by Kaleb Harrell, Allen Lo, Wayne Yung and the late Kin Ho, Hawkers operates 15 restaurants in seven states. The chain reported an 18.5 per cent uplift in sales last year, while same-store sales grew 26 per cent.
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