Florida sandwich lovers can rejoice now that they know the beloved 100 Montaditos sandwich chain is not leaving the state. After filing bankruptcy more than eight months ago and closing 10 of its 17 restaurants, it’s reported that not only is 100 Montaditos back, but their five restaurants located in Florida are here to stay.
Eight months ago when 100 Montaditos filed bankruptcy, fans of their mini sandwiches were confused and concerned. Not only did the company offer little to no explanation for their struggles, but they also seemed to be thriving. The bankruptcy filing came on the heels of a big plan to expand in the Florida and New York markets. The bankruptcy filing had put a temporary hold on the expansion process that now seems to have been lifted with the opening of a new Miami Lakes location.
Even though the reported debt of 100 Montaditos was somewhere in the range of $20 million, the chain was in need of a serious restructuring. The company took the time during their bankruptcy proceeding to establish a whole new operating plan and management team. And, while a massive expansion project may still be in their future, it likely won’t be until their newly established operating plan proves successful.
Fans of the eatery praise their delicious mini sandwiches and affordable prices. Although 100 Montaditos originated in Spain, the bankruptcy only affected their 17 U.S. locations. The company does have 350 locations worldwide. The mystery surrounding their bankruptcy filing can now be explained by their obvious need for a financial and operational restructuring. Financial struggles like these affect millions of business owners each year. To help them through their financial strain, many business owners look to trusted bankruptcy attorneys for advocacy and representation.
Source: Business Insider, “An up-and-coming sandwich chain that mysteriously declared bankruptcy is back in action,” Kate Taylor, Nov. 5, 2015