The Florida operator of the Spanish mini-sandwich chain 100 Montaditos has filed for chapter 11 bankruptcy protection in U.S. Bankruptcy Court in Miami.
100 M Holdings is the parent company that operates the brand in the United States. Separate bankruptcy filings were submitted for 100 M Operator, 100 M Franchise, 100 M Lincoln and 9 of the chain’s restaurants in Miami-Dade and Broward counties and one in Arlington, Va.
Some of the South Florida restaurants list landlords as creditors, but for many of them, Sysco South Florida is their largest unsecured creditor. Debts owed to Sysco range from around $4,000 to $68,418. Other suppliers are also listed as creditors.
Brickell, Midtown, West Kendall, Sunset, Pinecrest, Waterford, Weston, Pembroke Pines, and Plantation are the South Florida locations that filed for bankruptcy. The status of a 100 Montaditos restaurant in Miami Lakes that was to be the next to open is unclear.
The fast-casual chain began in Spain in 2001 and opened its first South Florida restaurant at Midtown Miami in 2011. Montaditos are small sandwiches on crunchy Spanish rolls. The restaurants also feature Spanish wines and mixes of soft drinks and wine.
Spain’s Grupo Restalia owns the brand. In 2013, it said it hoped to have 40 franchised restaurants in the Americas region by the end of that year and it has been on a U.S. expansion spree since. It had announced that it would open 30 restaurants in the New York area alone by 2017.