Bravo! Cucina Italiana restaurant, one of the original tenants of Franklin Park Mall’s $117 million expansion project in 2005, has closed permanently due to the financial woes of its Florida-based parent firm.
The restaurant, located at the south entrance to the mall, had been closed since mid-March as part of the state’s lockdown order affecting restaurants due to the coronavirus pandemic. It became closed permanently on March 31.
The chain had offered a carryout menu for a while but ceased that last month when its parent company, FoodFirst Global Restaurants, of Orlando, filed bankruptcy on April 11 in U.S. Bankruptcy Court in Orlando.
In its bankruptcy petition, FoodFirst noted that it had been operating 96 Bravo! and Brio Tuscan Grille restaurants in 32 states at the start of the year, but was forced to close 71 in March and lay off 6,000 employees due to the pandemic and state lockdown orders.
“The pandemic is creating enormous disruption throughout the economy, and the restaurant industry as a whole is especially affected,” the company said in its bankruptcy filing. “FoodFirst’s difficult position prior to the Pandemic makes its current situation even more precarious. In order to save jobs and the viable Restaurants it will be necessary to pursue a company sale and an accompanying Management Services agreement.”
Privately-held FoodFirst already had been struggling after forming in 2018 and buying the publicly-traded Bravo/Brio restaurant chain for $100 million. FoodFirst, which relocated the chain’s headquarters to Orlando, had hoped to revive sales to the $400 million achieved in 2017 but instead only had $307 million last year.
In its bankruptcy petition, FoodFirst listed assets of $28.1 million and liabilities of $45.2 million.
Among its 20 largest creditors is Star-West Franklin Park Mall, an arm of Starwood Retail, which owns the mall located at 5001 Monroe St. Star-West is the landlord for the mall’s Bravo restaurant space for which FoodFirst owed $133,618 in rent on the lease that does not expire until Jan. 31, 2021. Franklin Park officials said they will be talking with interested parties about filling the now-vacant space.
On April 10, FoodFirst asked the court to let it abrogate 48 of its 96 restaurant site leases, including the Franklin Park site. The court granted FoodFirst’s request on April 14.
Recently, Bravo at Franklin Park posted a sign on its door indicating it will not reopen. The sign read: Dear Valued Guests, we have made the difficult decision to close this restaurant. Thank you for giving us the opportunity to serve you through the years!
On Tuesday, FoodFirst filed a motion with the court for approval to sell “at least 45” of its remaining 48 restaurant leases and assets — plus the assumption of liabilities — to a company called GPEE Lender LLC, an affiliate of Earl Enterprises of Orlando, which owns over 200 restaurants under the brands Planet Hollywood, Bucca di Beppo, Bertucci’s, and Earl of Sandwich.
A hearing on the motion will be held June 1. The assumed liabilities means GPEE Lender would have to address approximately $15 million in gift cards that Bravo and Brio have outstanding.
Bravo had occupied its 8,700-square-foot prime spot on the remade south side of Franklin Park since June of 2005. The popular eatery opened a month after the mall’s then owner, Westfield America, completed its 18-month expansion project — the last major expansion of the mall which added 238,000 square feet and created a 1.3 million-square-foot enclosed Super Regional mall.
First Published May 27, 2020, 8:45 p.m.
