The South Florida Business Journal is reporting that the Miami-based operator of 100 Montaditos Florida locations, which owns and operates 14 stores throughout the state, has filed for Chapter 11 bankruptcy.
According to the site, the company owes $11,564 to Sysco South Florida, along with undisclosed amounts of money to various landlords. No official word on the next steps for the chain, but a bankruptcy analyst told the Buisness Journal that, "expect to see either a sale of the U.S. operations or have them use bankruptcy to restructure unprofitable leases, close money-losing stores and continue on with a smaller, more profitable store base."
The brand operates more than 300 franchised restaurants throughout the world but the bankruptcy filing only applies to the Florida locations. [South Florida Business Journal]