A longtime favorite chain in Bucks County may soon go to the wayside as their business begins to change in the current economy. Joanna Fantozzi wrote about the chain for Nation’s Restaurant News.

Corner Bakery Cafe, acquired by Pandya Restaurant Growth Brands owned by Newtown entrepreneur Jignesh Pandya in October 2020, has declared Chapter 11 bankruptcy.

According to documents filed in Delaware Bankruptcy Court on Feb. 22, the Dallas-based fast-casual bakery-cafe chain has both estimated assets and liabilities of between $10 million and $50 million.

The chain ended 2021 with 172 locations, which is six stores more than when the struggling subsidiary was sold by Roark Capital Group.

Pandya, who is a longtime owner of several franchise restaurants such as Pizza Hut and Dunkin Donuts, is no stranger to acquiring and attempting to turn around struggling brands. He also bought Boston Market in April 2020.

“Our acquisition of Corner Bakery aligns with what we believe families are seeking — high-quality kitchen-crafted food and good, consistent customer service,” he said at the time of the acquisition.

According to the top 500 restaurants data from Datassential, Corner Bakery Cafe placed at No. 118 for sales in 2021, which was a drop of eight places compared to 2020.

Read more about Corner Bakery Café in the Nation’s Restaurant News.

_____