Bravo! Italian Kitchen and Brio Italian Grille declared bankruptcy for the second time in five years on Monday after being significantly impacted by declines in consumer spending and macroeconomic pressure.
Parent company Bravo Brio Restaurants, LLC operates 48 restaurants nationwide between the two concepts. The company—which plans to close underperforming locations, restructure debt, and reduce operational expenses—will use the bankruptcy to improve its financial position and bring on a new investor.
The company listed assets between $50 million and $100 million and liabilities between $50 million and $100 million.
The group said in a news release that “macroeconomic forces beyond the company’s control have weighed heavily on its business.” Bravo Brio Restaurants has faced declining consumer demand and increased competition, particularly from the fast-casual segment. Also, the combination of rising food and labor costs and softening in discretionary consumer spending has hurt performance. Restaurants based in shopping centers with high vacancies and dropping foot traffic have been especially affected.
“These pressures have proved insurmountable to numerous other legacy, casual dining restaurant brands, many of whom have also turned to bankruptcy as a tool for restructuring,” Bravo Brio Restaurants said in a news release.
This marks the second time Brio and Bravo! have been involved in bankruptcy proceedings. In April 2020, former parent FoodFirst Global declared bankruptcy due to the COVID pandemic. Two months later, Planet Hollywood parent Earl Enterprises bought the chains for $30 million.
Bravo! first opened in 1992 while Brio was founded five years later. By 2006, the two restaurants had expanded to 50 total locations. From 2006 to 2010, the restaurants underwent aggressive expansion and reached 85 units. The company raised $140 million in a public offering in 2010 to cover debt and drive growth. By 2013, there were 107 restaurants. FoodFirst acquired the chains for $100 million in May 2018, taking them private again.
Bertucci’s, another Earl Enterprises concept, filed for bankruptcy in April. The move marked its third bankruptcy in seven years. Buca di Beppo, also in the portfolio, declared bankruptcy in 2024 and was later sold to Main Street Capital for $27 million.
