CHICAGO — Roti, a Mediterranean fast-casual restaurant group based in Chicago, has filed for Chapter 11 bankruptcy protection. The company intends to use Chapter 11 to seek new investors or purchasers on an accelerated time frame while reorganizing its finances. Roti intends to keep its locations across Chicago, Minneapolis and the Washington, D.C. metro areas operating.
“After careful consideration, filing for bankruptcy protection was the best way to address our challenges, including financial performance, higher costs, mixed location performance and tough market conditions,” says Justin Seamonds, CEO and prime minister of fun at Roti.
Roti says it was disproportionately affected by the COVID pandemic as 50 percent of its restaurants are based in downtown districts. The company states that the current restaurant climate is mired in a consumer spending downturn.