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TooJay’s Deli emerges from bankruptcy with new owner

Private-equity firm Monroe Capital wins bidding, which included Boston Market Holdings Corp.

Ron Ruggless, Senior Editor

September 11, 2020

2 Min Read
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Florida-based TooJay’s Deli has emerged from Chapter 11 bankruptcy protection with Chicago private-equity firm Monroe Capital Management Advisors LLC as the new owner.

West Palm Beach, Fla.-based TooJay’s Management LLC, which cited 21 locations on its website, filed for bankruptcy protection in late April, citing the coronavirus pandemic’s impact on business.

A rejected bidder in the U.S. Bankruptcy Court for Southern Florida auction was Golden, Colo.-based Boston Market Holdings Corp., an owner of the rotisserie chicken brand, according to court documents.

"The restructuring process allowed the company to emerge debt free, which it believes will provide significant financial flexibility to support its operations,” the company said in a statement. “The company’s new owner, Monroe Capital, is providing capital to support growth in the business going forward.”

Monroe Capital had also arranged financing for TooJay’s in 2018.

As part of the bankruptcy process, several leases were rejected, leaving TooJay’s with 21 locations, down from about 30 before the pandemic.

TooJay’s CEO Maxwell Piet said the remaining locations of the 39-year-old brand have reopened under state and local COVID-19 guidelines.

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"Prior to COVID-19, the company’s revenue was ahead of last year, but the pandemic's impact created difficulty for many industries,” Piet said in a statement. “We want to thank our team members and guests for their support during this time. “

Related:5 ways restaurant consumer trends are shifting during the coronavirus pandemic

TooJay’s filed for Chapter 11 reorganization in late April, saying the decision was “a direct result of the devastating impact" of COVID-19 and the state-imposed shutdown of all restaurant dining rooms to slow the spread of the coronavirus.  At the time, TooJay’s Management LLC reported assets between $50 million and $100 million and liabilities from $10 million to $50 million.

TooJay’s was founded in 1981 in Palm Beach, Fla.

Contact Ron Ruggless at [email protected]

Follow him on Twitter: @RonRuggless

About the Author

Ron Ruggless

Senior Editor, Nation’s Restaurant News / Restaurant Hospitality

Ron Ruggless serves as a senior editor for Informa Connect’s Nation’s Restaurant News (NRN.com) and Restaurant Hospitality (Restaurant-Hospitality.com) online and print platforms. He joined NRN in 1992 after working 10 years in various roles at the Dallas Times Herald newspaper, including restaurant critic, assistant business editor, food editor and lifestyle editor. He also edited several printings of the Zagat Dining Guide for Dallas-Fort Worth, and his articles and photographs have appeared in Food & Wine, Food Network and Self magazines. 

Ron Ruggless’ areas of expertise include foodservice mergers, acquisitions, operations, supply chain, research and development and marketing. 

Ron Ruggless is a frequent moderator and panelist at industry events ranging from the Multi-Unit Foodservice Operators (MUFSO) conference to RestaurantSpaces, the Council of Hospitality and Restaurant Trainers, the National Restaurant Association’s Marketing Executives Group, local restaurant associations and the Horeca Professional Expo in Madrid, Spain.

Ron Ruggless’ experience:

Regional and Senior Editor, Informa Connect’s Nation’s Restaurant News and Restaurant Hospitality (1992 to present)

Features Editor – Dallas Times Herald (1989-1991)

Restaurant Critic and Food Editor – Dallas Times Herald (1987-1988)

Editing Roles – Dallas Times Herald (1982-1987)

Editing Roles – Charlotte (N.C.) Observer (1980-1982)

Editing Roles – Omaha (Neb.) World-Herald (1978-1980)

Email: [email protected]

Social media:

Twitter@RonRuggless

LinkedIn: www.linkedin.com/in/ronruggless

Instagram: @RonRuggless

TikTok: @RonRuggless

 

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