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SOURCE Elephant Bar Global Grill/Wok Kitchen
COSTA MESA, Calif., June 16, 2014 /PRNewswire/ -- S.B. Restaurant Co. dba Elephant Bar Global Grill/Wok Kitchen ("S.B. Restaurant," "Elephant Bar," or "Company") has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code ("Bankruptcy Code") in the United States Bankruptcy Court for the Central District of California ("Bankruptcy Court"), Santa Ana Division. The Company has also filed a motion for approval of $3.3 million of "debtor-in-possession" ("DIP") financing, which will allow the Company to continue to operate in the ordinary course of business during the bankruptcy proceeding. The Company intends to utilize the bankruptcy process to consummate the sale of its business as a going concern and is in the process of seeking a strategic partner to acquire its business operations.
Like so many other casual dining chains, the challenging economic environment and increasing competitiveness of the industry have impacted Elephant Bar. "The Company reluctantly closed 16 locations this month, and believes these actions will allow it to get back to focusing on operations and enhancing the concept to establish a stronger foundation for the future," says President and CEO Robert Holden. Through its 29 remaining locations, Elephant Bar will continue to serve customers-as it has for over 30 years-and will honor all gift cards and points earned through the customer loyalty program.
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