Denver-based VICORP restaurants, operator of 343 restaurants in 25 states under brands Village Inn and Bakers Square, filed a voluntary chapter 11 petition on April 3rd. The company listed assets in the range of $100 million to $500 million in the filing.
VICORP, which has operated restaurants since 1958, explained in a press release, "The recent economic slowdown, combined with substantial increases in operating costs, has seriously impeded the ability of VICORP to generate results similar to those historically achieved by the company."
Simultaneously, VICORP announced it would close 56 restaurants (locations not disclosed) and added that part of the reorganization process will be to analyze underperforming locations to determine if they should remain open. VICORP's restaurant portfolio includes 93 owned by franchisees, which are not affected by the bankruptcy filing.
This article appears in CoStar's Retail News Roundup (Apr. 6 to Apr. 12), a weekly feature written by senior news editor, Sasha M. Pardy that covers retailer expansion plans and new concepts, store closings, cutbacks, bankruptcies, new retail developments, green building, retail personnel changes, and more. In this issue of the Roundup, CoStar reports on expansions or new concepts at Best Buy, CarMax, Talbot's, Jamba Juice, UFood, Lexus and Whole Foods; new retail developments in CO, NJ, OH, GA, and TX; acquisition, merger, loan or sale activity at Triple Five, Cedar Shopping Centers, Faris Lee, ARC Properties, Reading Group and Pacific Theatres, and Landry's Restaurants; closings, cutbacks or bankruptcies at Fresh & Easy Neighborhood Market, Movie Gallery, Village Inn and Bakers Square, and Harvey's Electronics; sustainability at Regency Centers and Fresh & Easy Neighborhood Market; personnel announcements at TIAA, Weingarten, Cole Cos., Marcus & Millichap, Opus South; and more.