Granite City Files for Bankruptcy, Plans to Sell Restaurants
The Granite City Food & Brewery restaurant chain, which has a location in Maple Grove, has announced a filing for Chapter 11 bankruptcy. The Bloomington-based company also plans to sell the franchise to a new ownership group, pending approval of U.S. Bankruptcy Court in Minnesota.
The CEO of Granite City, Richard Lynch, says the bankruptcy filing and sale is the best possible solution to keep the restaurants open and protect employees.
“We believe pursuing this path will provide value to our creditors, enable one or more future restauranteurs to operate our locations, and preserve hundreds of jobs,” said Lynch in a statement.
Granite City operates 25 restaurants in 13 states including the Shoppes at Arbor Lakes location.