Restaurants Unlimited



Chief Restructuring Officer

Seattle, WA

Restaurants Unlimited is a 50-year-old Company that operates a network of over 40 multi-concept fine-dining and casual dining restaurants in the Pacific Northwest.

Company performance was declining in the wake of industry-wide declining sales, region specific state mandated minimum wage increases, and the investment in new restaurants that were not proving profitable.  As a result, the Company’s trade vendors had been stretched and liquidity was tightening.  CMA was hired to develop an in-court restructuring plan  that included exiting underperforming locations and right-sizing G&A to align with that smaller footprint of more profitable locations.

Key Challenges
Highly Competitive Market
Industry-Wide Declining Sales
Large Deferred CapEx Requirements
Unprofitable and Underperforming Locations
Outsized Overhead Expenses
State Mandated Wage Increases

Engagement Highlights

Phase I – Assess the Business Performance

  • Reviewed the cash flow of the business and implemented strategies to preserve cash and extend the runway to maximize options and value for the Company and its senior lenders.
  • Performed a restaurant-by-restaurant review, understanding sales and cost trends, the market environment, and a review of any deferred and investment CapEx needs. 
  • Evaluated the overhead cost structure, identified areas where savings could be achieved, and developed a right-sized cost structure for the existing and pro-forma businesses.

Phase II – Restructure the Business and Re-Capitalize the Business

  • Developed the rationale for a pro-forma entity, with a smaller footprint of strong performing, cash flow positive locations that would be attractive to investors or lenders. 
  • Prepped and filed the Company for Chapter 11 bankruptcy protection, while assisting management. in exiting a number of its non-performing locations and supported the Company as it prepared to go to market.
  • Supported the Company and management through a 90-day sale process, which resulted in the sale of 25 locations (in-line with CMA’s strategic review) to a strategic buyer.

Sign Up for Our Newsletter

This field is for validation purposes and should be left unchanged.