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Can Bankruptcy Be a Gift? Five Operators Say Yes

Some operators won’t even say the word “bankruptcy.” Take Adam Zeitsiff, CEO of Gold’s Gym when it filed for Chapter 11 in May 2020. "I don’t use the B-word," he said at the time. His public relations firm preferred "restructuring through the court process.” But can bankruptcy be a good thing? These five operators used the process to their advantage. 1. Diamonds in the rough. Chris Rowland, CEO of Pet Supplies Plus, moved quickly when news broke last Novem...
New York United States Andrew Stosberg Chris Rowland Middleton Reutlinger John Rigos

Aurify Rescues Two Chains From Distress Amid Pandemic 'Disaster' in NYC

Le Pain Quotidien “had tremendous legacy,” says Aurify’s John Rigos. Aurify Brands, the New York City-based operator of five restaurant chains, closed the acquisition last June of Le Pain Quotidien U.S., with about 50 locations, rescuing the stores and their employees from bankruptcy proceedings in a Belgium court. “This brand had tremendous legacy,” co-CEO John Rigos said, but it had “lost its way, wasn’t being invested in. We realized, just being mediocre wa...
New York United States Becky Mulligan Maison Kayser John Rigos Maison Kaysers

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