Mediterranean fast casual chain Roti filed for Chapter 11 bankruptcy protection on August 23, 2024.
According to court documents, the chain operates 19 locations under the names “Roti Modern Mediterranean,” “Roti Mediterranean Grill,” “Roti Bowls. Salads. Pitas.”, and “Roti” (collectively “Roti”).
Headquartered in Chicago, Roti has restaurants in Illinois, Minnesota, and Washington, DC, area. It had as many as 42 locations nationally before the pandemic, including in New York City, Dallas, and Houston.
Roti CEO Justin Seamonds told Restaurant Dive that the chain survived the pandemic by negotiating rent deferrals with its landlords, but now those deals have expired, leading to a significant increase in operating expenses.
In the bankruptcy filing, Roti listed less than $50,000 in assets and $1,000,001-10,000,000 in liabilities. Many of the 30 largest creditors in the filing are landlords.
According to Restaurant Dive, Seamonds said an unnamed national restaurant company was in negotiations with Roti to acquire eight of its units over the last several months, and he said it was possible the company would serve as a stalking horse bidder for those stores.
According to Roti, “Inspired by the bold flavors and wholesome ingredients of Mediterranean cuisine, Roti’s food philosophy is straightforward: ‘Crave Better.’”
Mediterranean fast casual chain Roti filed for Chapter 11 bankruptcy protection on August 23, 2024.
According to court documents, the chain operates 19 locations under the names “Roti Modern Mediterranean,” “Roti Mediterranean Grill,” “Roti Bowls. Salads. Pitas.”, and “Roti” (collectively “Roti”).
Headquartered in Chicago, Roti has restaurants in Illinois, Minnesota, and Washington, DC, area. It had as many as 42 locations nationally before the pandemic, including in New York City, Dallas, and Houston.
Roti CEO Justin Seamonds told Restaurant Dive that the chain survived the pandemic by negotiating rent deferrals with its landlords, but now those deals have expired, leading to a significant increase in operating expenses.
In the bankruptcy filing, Roti listed less than $50,000 in assets and $1,000,001-10,000,000 in liabilities. Many of the 30 largest creditors in the filing are landlords.
According to Restaurant Dive, Seamonds said an unnamed national restaurant company was in negotiations with Roti to acquire eight of its units over the last several months, and he said it was possible the company would serve as a stalking horse bidder for those stores.
According to Roti, “Inspired by the bold flavors and wholesome ingredients of Mediterranean cuisine, Roti’s food philosophy is straightforward: ‘Crave Better.’”
