The entertainment and nightspot company that recently made the bold claim it would become the largest operator of duckpin bowling centers in the USA has recently announced that it will file for bankruptcy protection in the coming days. The move comes as the company has been hit extremely hard by COVID-19 counter-measures and shutdowns across the country.
Majority shareholder, Cracker Barrel, has declined to set in with a cash inducement to help as it is suffering as well. The bankruptcy filing is to give the opportunity for PunchBowl to restructure its debt and, at this point, is not being seen as a permanent closure.
Punchbowl has only recently opened a new location in Miami and has five more locations in various stages of construction. Several existing locations has pivoted to take-out and delivery to help keep some staff employed, but the chain is not setup for this type of business and relies heavily on in-store social participation to drive revenues.
H/T to Restaurant Business Online
Photo from PunchBowlSocial.com
