When 100 Montaditos declared bankruptcy eight months ago, the company provided few explanations. Now, the sandwich chain is back.
On Thursday, 100 Montaditos announced that it has emerged from bankruptcy after the company and creditors reached an agreement the day before.
According to the company, it successfully established a new operation structure, appointed a fresh management team, and consolidated its US position over the course of the last eight months.
100 Montaditos’ outstanding debt was reportedly about $US200 million. Creditors in the company’s bankruptcy included landlords, franchisees, and suppliers.
There are seven 100 Montaditos locations in the US, with five restaurants in Florida, one in New York City and one in Washington, D.C. Before the company filed for bankruptcy, there were 17 locations across the US.
In March, the chain’s Florida operator voluntarily filed for Chapter 11 reorganization, after planning for rapid expansion in markets such as Florida and New York.
The aggressive expansion was halted when bankruptcy was declared and some Florida locations of the chain shuttered. However, in July, a new restaurant opened in Miami Lakes, Florida, and the company says it is once again working to strengthen its US presence.
100 Montaditos is known for its mini fresh-to-order sandwiches (montaditos), serving a wide range of Spanish flavours such as Serrano ham, garlic pork loin and chorizo.
The chain is known for its low prices, as all montaditos cost from $US1.50 to $US3.50.
Montaditos was founded in 2000 in Huelva, Spain. The bankruptcy only affected US operations, a small portion of the 350 restaurants internationally.
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