Roti to Reorganize Under Chapter 11 Bankruptcy, Aims to Secure New Investors and Continue Operations Across All Locations
CHICAGO, IL / ACCESSWIRE / August 23, 2024 / Roti, a fast-casual restaurant group known for its vibrant Mediterranean flavors and commitment to quality, today announced that it has taken a significant step in its ongoing efforts to strengthen its business by filing for Chapter 11 bankruptcy protection. The company intends to use Chapter 11 to seek new investors or purchasers on an accelerated time frame while reorganizing its finances and ensuring that Roti locations across Chicago, Minneapolis, and the Washington, D.C. metro areas continue to operate. It plans to continue to offer its entire menu, catering, loyalty programs, and distinctive make-line experience across its locations.
An Original Vision
Founded in 2006 in Chicago, Roti pioneered a new category by bringing the rich, diverse flavors of the eastern Mediterranean to the fast-casual dining scene. "Our vision to create happier, healthier and more flavorful lives comes to life by providing our guests with exceptional food experiences - even in the face of current headwinds," said Justin Seamonds, CEO and Prime Minister of Fun at Roti. "After careful consideration, filing for bankruptcy protection was the best way to address our challenges - including financial performance, higher costs, mixed location performance and tough market conditions - while staying open and focused on delivering Food For A Full Life to each and every guest."
Continuing to Serve Our Customers and Communities
As Roti navigates this restructuring process, the plan is to collaborate with landlords and suppliers to keep locations open and the team employed and engaged in serving our unique inspired and healthful bowls, salads and pitas. The COVID pandemic disproportionately affected Roti, as 50% of its restaurants were based in downtown business districts - but Roti made it through with the support of investors and consumers only to find itself in a current restaurant climate mired in a consumer spending downturn.
"With the restaurant industry in turmoil, we are proud of our transparency with our team, and the goodwill we've earned over time with our vendor and landlord communities during a tough four years. Bankruptcy is a process designed to provide companies like us with the tools to stay open, keep our exceptional team members employed and explore future prospects for Roti. We expect our loyal, flavor-seeking guests to continue to enjoy us while we tackle this necessary next step in our journey," said Seamonds.
Looking Toward the Future
This process will accelerate the process of attracting a transformational event to Roti and address the demands of a challenging consumer environment for smaller restaurant chains.
For media inquiries, please contact:
Roti Public Relations
publicrelations@roti.com
Contact Information
Christopher Gumprecht
Vice President, Technology
christopher@roti.com
3126059079
Justin Seamonds
CEO
justin@roti.com
3126059079
SOURCE: Roti
View the original press release on newswire.com.