Reuters reports that Fox & Hound, the sports bar chain with locations in Arlington Heights, Aurora, Bloomingdale and Schaumburg, has filed for bankruptcy. The company filed under Chapter 11, citing a cash-poor situation and “weakening” profits.
In all, Reuters reports there are roughly 101 restaurants in 27 states and roughly 6,000 employees, housed under the F&H Acquisition Corp. It’s not clear what F&H plans to do after bankruptcy, but it did say that Chapter 11 would aid in selling its assets.
According to Reuters: F&H is not “immune to the effects of the economy and rising commodity prices, and restaurant sales, and overall profitability and liquidity, suffered significantly.”
The restaurant business is notorious for its bankruptcy woes – but bankruptcy is the very thing that can keep restaurateurs in business when they face overwhelming financial issues.
The Illinois Fox & Hound locations will likely stay open as the bankruptcy case proceeds – so you can still get your beer and wings over the holiday break.