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Restaurant chain Sizzler files for Chapter 11 bankruptcy, citing impact of COVID-19 pandemic
https://www.usatoday.com/story/money/2020/09/22/sizzler-files-chapter-11-bankruptcy-citing-impact-pandemic/3493634001/Sizzler, the famous steakhouse started 62 years ago, has filed for Chapter 11 bankruptcy protection, the latest business to suffer as a result of the COVID-19 pandemic.
In a statement, Sizzler said it filed for voluntary Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District in California on Monday.
The restaurant chain will start a restructuring process to reduce debt and renegotiate its leases with landlords.
"Our current financial state is a direct consequence of the pandemic’s economic impact due to long-term indoor dining closures and landlords’ refusal to provide necessary rent abatements," said Chris Perkins, president and chief services officer for Sizzler, in a statement.
