Sustainable Restaurant Holdings (SRH) filed for federal bankruptcy protection. Former Bamboo Sushi owner is currently involved in lawsuit alleging he unfairly ousted by capital partner as CEO.
Portland, Oregon, USA, seafood chains Bamboo Sushi and QuickFish are the latest victims of coronavirus forced shutdowns, parent company SRH (also known as Sustainable Restaurant Group) wrote in a press release.
The restructuring will allow SRH to obtain up to USD 1.9 million in new financing so that it can continue to operate and meet business obligations while it pursues a sale, it wrote. The company currently operates 10 restaurants, sushi joint Bamboo Sushi and QuickFish, a poke bowl concept.
“We are facing the same challenges as many other consumer-backed businesses, especially those in the restaurant industry,” Matthew Park, president and interim CEO of SRH, said in a statement. “In this environment, we simply are not able to generate sufficient revenue to meet our day-to-day and long-term obligations.”
The news is another blow to Bamboo Sushi’s founder who alleges its capital partner is using the economic fallout from COVID-19 to conduct a hostile takeover.
Kristofor Lofgren in his lawsuit against investor Bain Capital Double Impact Fund alleges that he was unfairly ousted as CEO. According to Biz Journals, Lofgren is defending himself against the accusation of financial misconduct related to a USD 250,000 payment from 2018.
The suit, filed in early April, also names fund manager Christopher Cozzone, BCIP Double Impact Associates, Kitchen Fund and SRH.
