The parent company of the 100 Montaditos sandwich chain, which filed for Chapter 11 bankruptcy in March, has appointed a new management team and plans to open a Miami Lakes restaurant next week.
Spain’s Grupo Restalia, which owns the 100 Montaditos brand, had hoped for an aggressive expansion in the U.S. market. But last March, 100 M Holdings — the company that operates the brand in this country — and 13 of its subsidiaries and affiliates filed for relief in U.S. Bankruptcy Court in Miami.
The bankruptcy court recently approved a $400,000 financing loan from 100 Montaditos International to fund operating expenses during the bankruptcy proceedings.
Although some of its Florida locations have been shuttered, the company continues to operate three Miami-Dade restaurants in Midtown, Brickell and West Kendall, as well as a Tampa restaurant. The new 50-seat Miami Lakes restaurant at 6843 Main St. is expected to open July 14.
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Locations in New York and Washington, D.C., were not affected by the Florida bankruptcy filing and continue to operate.
“We are confident that we will emerge from bankruptcy later this year and look forward to continue developing the Montaditos brand in the U.S.,” said Ignacio Garcia Nieto, 100 M Holdings’ new managing director. He previously served as franchise development director for 100 Montaditos in the United States and Latin America.
The reorganization plan includes simplifying the restaurants’ cost structure and grouping restaurant locations to achieve efficiencies, said Mariaelena Gayo-Guitian, a bankruptcy lawyer who represents 100M Holdings.
The chain takes its name from its tapas-sized sandwiches on crunchy Spanish rolls — montaditos — that are presented in 100 variations.