The Wall Street Journal: Romano’s Macaroni Grill owner files for chapter 11 bankruptcy

The owner of casual Italian dining chain Romano’s Macaroni Grill filed for bankruptcy protection Wednesday with a plan to slash its debt and reorganize around its top restaurants.

The chain’s parent company and a handful of affiliates, including investment vehicle Mac Acquisition LLC, filed for chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del.

In court papers, Chief Executive Nishant Machado blamed the chain’s financial woes on the downturn in the casual dining industry as customers have shifted to cheaper, faster alternatives.

“The debtors’ operations and financial performance have been adversely affected by a number of economic factors, but perhaps must notably by an overall downturn for the casual dining industry,” Machado said in court papers. The chain owns 93 restaurants in 23 states and employs about 4,600 people. It brought in revenue of about $230 million last year.

An expanded version of this report appears on WSJ.com.

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