Macaroni Grill Plans To Stay Open After Bankruptcy
Macaroni Grill closed 37 restaurants in 2017, but it wasn’t enough.
Debt grew and sales fell, while costs for labor and commodities increased, leaving the Italian dining chain $12 million behind by August.
The situation isn’t unique among the U.S. casual restaurant sector, which increasingly shows stress. Ruby Tuesday, Applebees and Outback all have announced closings.
“The preferences of … customers have shifted to cheaper, faster alternatives,” said Nichant Machado, president and CEO of MAC Acquisitions and the other companies behind Macaroni Grill.
Machado made the statement in the bankruptcy filing for Macaroni Grill, made in mid-October in Delaware.
The company seeks to reorganize by shedding debt and moving ahead in a changing world for casual dining. It wants to retain its 93 corporate stores, along with 23 franchise stores.
Among them are four in Michigan, all in Metro Detroit: Auburn Hills, Ann Arbor, Livonia and Shelby Township.
The closings ahead of the bankruptcy only affected one Macaroni Grill in Michigan: It was located at 5525 28th Street near Grand Rapids.
That Grand Rapids property is among 37 restaurant leases that the bankruptcy judge already let the chain reject as it sheds debt. Landlords of those properties include some of the biggest shopping center owners in the U.S., like Simon, Brixmoor and CBL.
The bankruptcy follows an evaluation by consultants Mackinac Partners. Machado is a senior managing partner of the firm.
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Because now is the perfect time to open a restaurant, go ahead and follow your dreams by snatching up the former Romanos Macaroni Grill building on Wolf Road in Colonie. Available for sublease through November 2022, the 8,100-square-foot building is being listed for $24 per square foot, which works out to about $16,300 per month.
I dont know the prevailing rate for Wolf Road restaurant space. The few leases with terms of which Im aware are for less, but other owners have told me they can be in the $30-per-square-foot range along chain-heavy Wolf Road.
Open locally since Nov. 13, 1997, Macaroni Grill went into a significantly overhauled building that previously was home to Chi-Chis and Beefsteak Charlies restaurants, at Wolf and Metro Park roads. The restaurant closed abruptly in mid-March.
Founded in Texas 1988 by Phil Romano, who also launched Fuddruckers, Macaroni Grill is headquartered in Denver and is owned by a holding company that in the last five years has closed approximately 90 locations. There are now about 50 in 17 states. The only other New York location, in Rochester, has also closed since the coronavirus shutdown began
Former Macaroni Grill In Greenwood Village To Be Redeveloped
Verdad, a national real estate development & construction company, has purchased the former Macaroni Grill restaurant property at 7979 Arapahoe Road, Greenwood Village, for $3.2 million. The company plans redevelop the property, which consists of a 7,418-square-foot building situated on a 1.86 acre lot directly on Arapahoe Road.
Drew Isaac with Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a California based family trust, which acquired the property as a net leased investment in a transaction that Isaac also handled.
We have plans to redevelop the property for a national client of ours and while were too early in the process to disclose the actual user, Im confident the area will be excited to hear about this proposed addition, said Herndon Luce of Verdad.
The offering provided an excellent development opportunity we received a tremendous amount of interest, demonstrating the strength of the Denver retail market even in the midst of a pandemic. The seller had to choose from ten highly qualified offers, all with strong pricing and terms. We ended up awarding the deal to Verdad due to their ability to close on an extremelyaggressive timeline, which they accomplished, Isaac commented.
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Romanos Macaroni Grill Is Latest Annapolis Restaurant Casualty
We have learned that in addition to The Greene Turtle, Romanos Macaroni Grill will also not be re-opening once the all-clear is given by Governor Hogan as Maryland emerges from the COVID-19 pandemic.
The closure was confirmed by management of the Franconia location in the Kingstowne Towne Center and the Annapolis location has been scrubbed from the chains website.
The location at the Annapolis Mall had been declining in popularity.
Prior to the COVID-19 pandemic, we confirmed with the Anne Arundel Economic Development Corporation that the location was planning to close and be replaced by a brew pub concept.
We reached out to Redrock Partners, the owners of the chain for comment, but our calls were not immediately returned.
Over the past years, the Annapolis area has seen a lot of change in the restaurant scene with Chuys and Newks both coming and going, The Greene Turtle closing and redeveloping with a wine focus, the closure of The Ebb Tide, Boston Market, Chop House, Bonefish Grill, Brio Tuscan Grill, and several Subways.
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Romanos Macaroni Grill Emerges From Bankruptcy
Romanos Macaroni Grill announced February 22 it has emerged from Chapter 11 bankruptcy. Mac Acquisition LLC, the owner of the Italian chain, filed for bankruptcy protection October 18, citing a shift in customer preference and an overall downturn for the casual dining industry. The company emerged from bankruptcy on February 15.
Romanos Macaroni Grill, founded in 1988, said it successfully leveraged the court administrated restructuring process to shed legacy liabilities and significantly strengthen the company, amid industry headwinds.
Romanos Macaroni Grill successfully renegotiated lease terms, the company said, as well as vendor contracts, and also secured $13.5 million in new capital to fund restricting efforts and invest directly into the company in the form of human capital and systems.
Macaroni Grill is without a doubt one of the premier Italian dining options in the industry, Nishant Machado, CRO and CEO of Macaroni Grill, said in a statement. The company has forged the path for Italian dining with ingredients coming straight from Italy and an environment that is focused on genuine hospitality and generosity. Through the restructuring and turnaround process, the company has firmly re-established itself and the results have been tremendous, which is a testament to the brand, our team and our loyal guests.
Macaroni Grill In Murfreesboro Abruptly Closes
When The Avenue Murfreesboro opened in October 17, 2007, Romanos Macaroni Grill was one of the first restaurants to open with it. Sitting proudly to the left of the main thoroughfare, it was a hot spot for casual dinners, business lunches, and a good place to take the kids because they were allowed to color with crayons on the butcher paper table covering.
While the Murfreesboro location just closed for good recently, the companys slow death began more than ten years ago. According to Nations Restaurant News, in 2008 sales had already started to slip, and then-owner, Brinker International, was set to sell 80 percent of it to Golden Gate Capital for $131.5 million. At that time, there were 230 locations found all over the country. Then the economy tanked. The sale ended up being for $88 million.
But food trends were changing. Tastes were changing. And the quality of the food did a bit of a slip. Still, it limped along. However, by 2013, Brinker and Golden State had had enough. They sold the whole business to Ignite Restaurant Group for $55 million.
Ignite, owner of the once hot Joes Crab Shack, decided to jump into saving the then 210 locations. Not only did it not work, but according to FSR Magazine, it dragged Joes Crab Shack and their other restaurant, Brick House Tavern +Tap, down with it. They went into Chapter 11 and sold the business two years later for a measly $8 million to Red Rock Partners. By that time, it was down to 150 units.
Romanos Macaroni Grill Closes Concord Pike Location
Romanos Macaroni Grill on Concord Pike has closed its doors as the chain trimmed its restaurant roster. The sign for the location was removed, with location information deleted from its website. Even its Google Maps listing was pulled.
A company spokesperson issued the following statement: Romanos Macaroni Grill regularly reviews its portfolio of restaurants and made the tough decision to permanently close its Wilmington location. The company appreciates its team members hard work through the years and enjoyed being a part of the Wilmington community. Macaroni Grill thanks all of its loyal guests for their patronage through the years and hopes to be able to welcome them again soon at another restaurant located in 23 states throughout the USA.
The restaurant specialized in mid-priced Italian food. It faced a crowded marketplace over the years, but profited from families and younger people who prefer chains.
The site is adjacent to a Chilis which remains in operation. Romanos, at one point, was owned by Brinker, which continues to operate Chilis.
However, based on sales prices paid by buyers of the chain, Romanos had been struggling.
Romanos was sold this year by Ignite, a restaurant operator that owns Joes Crab Shack, which has a location on the Wilmington Riverfront. The price paid for Romanos was a paltry $8 million for more than 150 restaurants.
The Romanos on Concord PIke was not the only chain restaurant to close this year on the busy corridor.
The Sad Decline Of Macaroni Grill
Jonathan Maze | Oct 19, 2017
This post is part of the On the Margin blog.
The decline of Romanos Macaroni Grill has been so spectacular it sent two companies into bankruptcy protection.
The story of Mac Grill is in many respects the story of the decline in casual dining. For years, the Italian chain had been a popular concept, sort of a next generation Olive Garden.
But, with sales weakening, then-owner Brinker International put it on the market. In August of 2008 it had a deal to sell 80 percent of the chain to Golden Gate Capital for $131.5 million. Mac Grill had about 230 locations at the time.
Shortly thereafter, Lehman Brothers collapsed, the U.S. economy collapsed with it, and for a time so did the restaurant business and the sale. Ultimately, Golden Gate bought 80 percent of Mac Grill for a renegotiated price of $88 million.
Golden Gate and Brinker unloaded the chain five years later, in 2013, selling it to Ignite Restaurant Group for $55 million. The private equity firm, for what its worth, profited off the deal despite the decline in price.
Ignite, owner of Joes Crab Shack, spent the next two years furiously working to fix its newly acquired, 210-unit concept.
It didnt work. Sales only worsened. Ultimately, Ignite sold Mac Grill to RedRock Partners LLC for the unseemly price of $8 million just two years later.
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