U.S. News
Bakery Chain Leaps from Bankruptcy to Expansion, Reopens Location
Clear Facts
- Corner Bakery Cafe, a cherished bakery chain, is steadily making its way out of bankruptcy and has reopened a vital Chicago location that was previously closed during the COVID-19 pandemic.
- The company, which filed for Chapter 11 bankruptcy in February 2023, was taken over by SSCP Management who implemented a robust overhaul strategy, already yielding impressive outcomes.
- In 2024, Corner Bakery intends to open five to seven new eateries and rejuvenate several of its corporately-owned stores, indicating a strong recovery and ambitious growth plan.
Against the backdrop of numerous renowned restaurant chains wrestling with financial issues, Corner Bakery Cafe offers a glimmer of optimism. The popular bakery chain has courageously made strides in its post-bankruptcy phase and is now effectively reestablishing its brand.
An outlet in Chicago, which had been closed during the height of the COVID-19 pandemic, was recently reopened. Conveniently located near Union Station at 444 W. Jackson Blvd., this fast-casual eatery features a patio, ordering kiosks, and quick pick-up items, in sync with the fast-paced life of its patrons.
Marking the chain’s sixth Chicago store and 14th in Illinois, this reopening also expands Corner Bakery’s footprint to a total of 101 restaurants.
New store openings in the fiercely competitive restaurant scene might not always be significant news, but the resurrection of this Corner Bakery location is notable, particularly considering the company’s troubled past.
Corner Bakery’s filing for Chapter 11 bankruptcy in February 2023 was a strategic measure to restructure its considerable debt while remaining operational. Shortly after, in June 2023, restaurant and real estate operator SSCP Management stepped in to purchase the company out of bankruptcy.
The new owners promptly began to overhaul Corner Bakery’s operations. They introduced a new executive team, improved employee training programs, and engaged marketing agency Champion to enhance the brand’s visibility. These changes have started to produce positive results.
In February, Corner Bakery reported an average unit volume increase (the average sales of each store) of $200,000 over the previous six months. The reopening of the previously closed Chicago store further validates the success of Corner Bakery’s revitalization efforts.
Corner Bakery Cafe President Erin Hasselgren, who hails from Chicago, expressed her excitement over this new chapter for the brand and the revival of this bustling location.
The company also revealed in February that it plans to open five to seven new restaurants this year, a move it describes as “a prelude to an accelerated growth trajectory beyond the current year.”
Additionally, plans are underway for a major remodel of a majority of the corporately-owned stores in the coming months. Therefore, prepare to see a brand-new or revitalized Corner Bakery store in your vicinity soon.
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