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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsHoagie Chain Taylor Gourmet Will Close All of Its Stores
Taylor Gourmet will close all 17 of its DC-area stores after Sunday, September 23. Friday is the last day for the hoagie chains two Chicago stores. The closures come as Connecticut-based private equity firm KarpReilly, which infused Taylor Gourmet with a reported $5.6 million investment in 2015, pulled out of the company. Owner Casey Patten declined to comment, but a spokesperson confirmed the news. Representatives for KarpReilly were not immediately available for comment.
Multiple sources familiar with the company tell Washingtonian that a Chapter 7 bankruptcy filing is imminent. Nothing has been filed yet, and a spokesperson declined to comment on a potential bankruptcy.
How did we get here? Taylor Gourmets official line is that its rapid expansion may have been too much, too fast. Patten told the Washington Business Journal last week that Taylor Gourmet stores were still profitable, but he was considering closing three locations. He blamed changes in the fast-casual world and increased competition driving up real estate prices. He said the problem was that some of the stores had more square footage than they needed.
However, three people familiar with the company say sales began to decline after owner Patten met with President Donald Trump at a small business roundtable at the White House in January 2017. Facing backlash and calls for boycotts, Patten told the Washington Post that hes apolitical when it comes to business and pointed out he also participated in a roundtable discussion with President Barack Obama in 2012. The restaurant posted a Less Politics, More Hoagies sign at its Chinatown shop.
Our sales dropped 40 percent the next day, says one source who spoke on the condition of anonymity. And it persisted and never really got any better.
https://www.washingtonian.com/2018/09/21/hoagie-chain-taylor-gourmet-will-close-all-of-its-stores/
Multiple sources familiar with the company tell Washingtonian that a Chapter 7 bankruptcy filing is imminent. Nothing has been filed yet, and a spokesperson declined to comment on a potential bankruptcy.
How did we get here? Taylor Gourmets official line is that its rapid expansion may have been too much, too fast. Patten told the Washington Business Journal last week that Taylor Gourmet stores were still profitable, but he was considering closing three locations. He blamed changes in the fast-casual world and increased competition driving up real estate prices. He said the problem was that some of the stores had more square footage than they needed.
However, three people familiar with the company say sales began to decline after owner Patten met with President Donald Trump at a small business roundtable at the White House in January 2017. Facing backlash and calls for boycotts, Patten told the Washington Post that hes apolitical when it comes to business and pointed out he also participated in a roundtable discussion with President Barack Obama in 2012. The restaurant posted a Less Politics, More Hoagies sign at its Chinatown shop.
Our sales dropped 40 percent the next day, says one source who spoke on the condition of anonymity. And it persisted and never really got any better.
https://www.washingtonian.com/2018/09/21/hoagie-chain-taylor-gourmet-will-close-all-of-its-stores/
"I create the best jobs, folks!" - Trump
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Hoagie Chain Taylor Gourmet Will Close All of Its Stores (Original Post)
Initech
Sep 2018
OP
Demovictory9
(32,482 posts)1. wow. "Our sales dropped 40 percent the next day,"
Hermit-The-Prog
(33,480 posts)4. but activism doesn't work
There's nothing you can do to halt the Repuke juggernaut!
Might as well give up!
There are no consequences for Rs!
Resistance is futile!
bwahaha! I love examples like this which completely demolish defeatisms like the above (all seen on DU in one form or another).
Achilleaze
(15,543 posts)2. Dirty Donny*s KGOP republican Kiss-of-Death
* aka republican Draft-Dodger-in-Chief
BigmanPigman
(51,638 posts)3. I hope that isn't the company that makes Taylor Porkroll!
Yum!