Fast Casual Chain Files Chapter 11

Plant-based fast-casual chain By Chloe has filed for Chapter 11 bankruptcy protection and is planning to sell the business, reports Bloomberg.

By Chole started in NYC's West Village in 2015. Revenue has plummeted by 67% since the COVID-19 pandemic began, according to Bloomberg. Over half of the chain’s staff has been furloughed or laid off. The chain operates 14 locations across the U.S. including 9 in NYC.

The chain has listed assets of $10 million to $50 million, and liabilities of $1 million to $10 million, Bloomberg reports.