When Sbarro, a pizzeria chain that specializes in New York-style pizza and other Italian cuisine, filed for Chapter 11, they needed to close 230 sites, franchise 59 sites, and restructure more than 100 leases. A&G was engaged to conceive an approach and then manage the process in a tight 90-day time period.
The project required a fast-tracked and closely monitored bankruptcy exit plan that included meeting with the top-five landlords and taking their input to devise a real estate plan to optimize the Company’s cash flows. A&G’s highly efficient team was successful due to the strategies implemented, agility of the deal team, and our collaboration and consistent client communication.
Three months after Sbarro filed for Chapter 11, it exited bankruptcy and credited A&G with having saved the pizza chain in excess of $6.5MM.