The case concerns only the 14 restaurants belonging to the Sizzler company, and not its international sites or more than 90 franchised American restaurants. Sizzler explained in a press release that he uses the bankruptcy process to reduce his debt and renegotiate his leases.
“Our current financial situation is a direct result of the economic impact of the pandemic due to the long-term closures of indoor restaurants and the refusal of landlords to provide necessary rent reductions,” said the president of Sizzler. , Chris Perkins, in a statement. The company aims to emerge from bankruptcy in approximately 120 days and company-owned sites will continue to operate.
Sizzler restaurants are found primarily on the West Coast, with a majority of them in California. The chain started in Culver City, California in 1958 with the goal that “everyone can enjoy a great steak dinner at an affordable price,” according to its website. Once a pioneer in the industry, the chain has fallen out of favor with new rivals like Applebee’s and TGI Friday’s.
