Sausalitos Restaurant Chain Files for Bankruptcy in Germany, Impacting Over 1,000 Employees
Despite financial difficulties, the chain intends to keep its restaurants open and ensure employee salaries are paid through May.
The Sausalitos restaurant chain, renowned for its large cocktails and Tex-Mex cuisine, has filed for bankruptcy in Germany.
The application was submitted to the district court in Munich, affecting several companies within the group, including Sausalitos Holding GmbH and its regional affiliates.
Franchise partners, however, are not directly impacted by this bankruptcy.
The court has appointed attorney Michael Schuster from Jaffe Law Firm as the bankruptcy trustee.
In a statement regarding the bankruptcy, Schuster indicated that the goal is to continue operations and find an investor for Sausalitos as a systemic gastronomy concept.
The company's financial troubles have been attributed primarily to the lingering effects of the COVID-19 pandemic, which included changes in consumer behavior, decreased visitor numbers, and a general decline in revenue and profitability amid the challenging economic situation in Germany.
This downturn has particularly affected the "beverage-oriented gastronomy" sector.
Established in 1994 by Thomas Hirschberger in Ingolstadt, Sausalitos was sold to investors in 2014. Currently, the chain operates over 40 locations across Germany.
Despite the bankruptcy proceedings, the company is actively seeking solutions to recover and preserve the brand, known for its unique atmosphere and popular cocktails.
Although the future of Sausalitos appears uncertain, the administration and bankruptcy trustee are working to maintain operational continuity and safeguard employee jobs.
The critical question remains whether an investor can be found to restore this popular restaurant chain to profitability.
The application was submitted to the district court in Munich, affecting several companies within the group, including Sausalitos Holding GmbH and its regional affiliates.
Franchise partners, however, are not directly impacted by this bankruptcy.
The court has appointed attorney Michael Schuster from Jaffe Law Firm as the bankruptcy trustee.
In a statement regarding the bankruptcy, Schuster indicated that the goal is to continue operations and find an investor for Sausalitos as a systemic gastronomy concept.
The company's financial troubles have been attributed primarily to the lingering effects of the COVID-19 pandemic, which included changes in consumer behavior, decreased visitor numbers, and a general decline in revenue and profitability amid the challenging economic situation in Germany.
This downturn has particularly affected the "beverage-oriented gastronomy" sector.
Established in 1994 by Thomas Hirschberger in Ingolstadt, Sausalitos was sold to investors in 2014. Currently, the chain operates over 40 locations across Germany.
Despite the bankruptcy proceedings, the company is actively seeking solutions to recover and preserve the brand, known for its unique atmosphere and popular cocktails.
Although the future of Sausalitos appears uncertain, the administration and bankruptcy trustee are working to maintain operational continuity and safeguard employee jobs.
The critical question remains whether an investor can be found to restore this popular restaurant chain to profitability.
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