After shuttering at least 14 locations in the last 12 months, Tampa-based World of Beer Bar & Kitchen filed for bankruptcy Aug. 2.
WOB is reorganizing through Chapter 11 bankruptcy to eliminate outstanding debts, and to end leases at underperforming locations, the company said in a press release.
Court records show that the company filed the bankruptcy petition last Friday, Aug. 2, in the Tampa division of U.S. Bankruptcy Court for the Middle District of Florida.
The beer-focused brand blamed the filing on "growing market pressures, including rising interest rates, inflation, increased operating costs and a slow return to pre-pandemic dining habits by consumers."
“Today’s restructuring ensures the long-term health and sustainability of WOB Bar & Kitchen. This step is a strategic move to realign our operations, reduce debt, and enhance our financial flexibility. We are confident in our future, backed by a solid plan and a dedicated team committed to delivering exceptional dining experiences,” Paul Avery, World of Beer president and CEO, said in a statement.
Founded in Tampa in 2007, World of Beer currently has 34 locations across the country listed on its website, including two in Orlando, located in downtown and OTown West.
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WOB is reorganizing through Chapter 11 bankruptcy to eliminate outstanding debts, and to end leases at underperforming locations, the company said in a press release.
Court records show that the company filed the bankruptcy petition last Friday, Aug. 2, in the Tampa division of U.S. Bankruptcy Court for the Middle District of Florida.
The beer-focused brand blamed the filing on "growing market pressures, including rising interest rates, inflation, increased operating costs and a slow return to pre-pandemic dining habits by consumers."
“Today’s restructuring ensures the long-term health and sustainability of WOB Bar & Kitchen. This step is a strategic move to realign our operations, reduce debt, and enhance our financial flexibility. We are confident in our future, backed by a solid plan and a dedicated team committed to delivering exceptional dining experiences,” Paul Avery, World of Beer president and CEO, said in a statement.
Founded in Tampa in 2007, World of Beer currently has 34 locations across the country listed on its website, including two in Orlando, located in downtown and OTown West.
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