Restaurant chain files for bankruptcy and blames the rising cost of food and workers for its financial woes
A major restaurant chain with over 30 locations across the United States has filed for bankruptcy, blaming skyrocketing food and labour costs for its financial woes. M&M Custard LLC, one of the largest franchise operators for Freddy’s Frozen Custard and Steakburgers, has locations across six states and had announced ambitious plans to expand throughout Chicago just three years ago. However, since then, the company has been forced to file a Chapter 11 bankruptcy case, listing its $5.52 million in assets dwarfed by its $27.7 million in liabilities. Fears that the chain could close its stores in Missouri, Illinois, Kentucky, Tennessee, Indiana, and Kansas intensified after the filing. However, the company is reportedly working to keep all its stores open. “We have no comment beyond that there are no plans to close any additional stores whatsoever,” Eric Cole, Co-CEO and founder of M&M Custard LLC, told The Independent . “The stores we closed that...