Plant-based restaurant chain Planta has filed for Chapter 11 bankruptcy protection in a move to reduce costs as the industry sees a decline in customers dining out.
The brand’s Miami-based parent company, CHG US Holdings, operates 18 Planta branches across cities including New York, Los Angeles and Chicago.
The company reported assets between $50,000 and $100,000 against liabilities ranging between $10 million and $50 million.
The company said Chapter 11 would provide it with a “strategic opportunity to streamline our cost structure and strengthen our balance sheet”.
Other restaurant chains have entered Chapter 11 during the past six months, including TGI Fridays, Buca di Beppo and Hooters of America.
