Two restaurant companies with locations in Las Vegas filed for bankruptcy protection on Thursday, both citing the coronavirus pandemic as one of the main causes.
The parent company of Il Mulino, the Italian restaurant with a location at the Forum Shops at Caesars, filed for bankruptcy protection for seven of its locations outside of New York City, including Las Vegas. The Wall Street Journal reports that K.G. LM LLC, the restaurants’ manager, filed in the U.S. Bankruptcy Court in Manhattan to prevent lenders from taking over seven locations. The company defaulted on a loan in June, and owes about $36.3 million.
California Pizza Kitchen, which operates about 200 locations nationwide, including six in Las Vegas, also declared bankruptcy on Thursday. The Playa Vista, California-based chain plans to close unprofitable locations, Restaurant Business reports. The chain did not pay rent at “the majority of its locations” during the coronavirus pandemic and owes more than $400 million. CPK’s locations in Las Vegas include one at McCarran International Airport, Downtown Summerlin, Fashion Show mall, and Town Square. The locations at the Park and the Mirage remain closed for now.
• California Pizza Kitchen declares bankruptcy [Restaurant Business]