Casual-dining brand closes 3 units as it emerges from reorganization
Thompson Hospitality, a retail and facilities and management company, has acquired Matchbox Food Group LLC as the casual-dining chain emerged from Chapter 11 bankruptcy protection, the company said late Tuesday.
Reston, Va.-based Thompson Hospitality in 2018 had made a $11 million investment in the Washington, D.C.-based Matchbox, a deal that had included an unexercised purchase option.
In the bankruptcy deal, Thompson acquired Matchbox’ assets, which include nine company-owned restaurants and one franchised unit. As part of the reorganization, three Matchbox restaurants were closed earlier, including those in Dallas, on 14th Street in Washington and in Potomac Mills, Va.
Matchbox filed on Aug. 3 for Chapter 11 bankruptcy protection, citing the impact of the coronavirus pandemic and the need to “rationalize its store footprint,” the company said at the time.
Thompson Hospitality had managed Matchbox for the past two years.
Warren Thompson, president and chairman of Thompson Hospitality, said in a statement: “I want to extend our gratitude to the Matchbox and Thompson Hospitality teams, who continued to believe in the company and worked diligently to help this beloved restaurant brand successfully and swiftly emerge from Chapter 11 bankruptcy protection in a stronger long-term position.”
Thompson said he was confident in Matchbox’ future despite the COVID-19 pandemic.
“Never before have we experienced such trying times in the restaurant industry and the fact that this brand will continue to live on is one bright spot during these unprecedented times,” Thompson said.
Matchbox has remaining units in the District of Columbia, Florida and Virginia.
The company said three Matchbox locations are slated to open in the coming months: Cathedral Commons in Washington, D.C.; Reston, Va.; and Las Olas in Fort Lauderdale, Fla.
As part of the Matchbox growth plan, the company said, new locations will be less than 4,000 square feet, smaller than many current locations.
Matchbox was founded in 2003.
Contact Ron Ruggless at [email protected]
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