TAMPA, Fla. — Restaurant chain World of Beer, headquartered in Tampa, has filed for Chapter 11 bankruptcy.
The tavern, which currently lists 34 locations on its website, was founded in 2007 by two best friends in Tampa. It's unclear at this time whether any locations will be closed.
However, locations in the Tampa Bay area are "not expected" to be affected by this filing, a World of Beer representative told 10 Tampa Bay.
The bankruptcy petition, filed on Aug. 2, lists 12 assets, most of which are in Florida. At least nine of those appear to be individual locations.
According to a news release from the company, the decision to file for bankruptcy has to do in part with conditions after the COVID-19 pandemic.
World of Beer leaders said in the release that the situation resulted in "growing market pressures, including rising interest rates, inflation, increased operating costs and a slow return to pre-pandemic dining habits by consumers."
The company said it is restructuring under the bankruptcy filing. A recently reopened World of Beer location in Jacksonville likely won't be closed during the restructuring, a representative told the Florida Times-Union.
They also pointed to another recently opened location in Odessa in Pasco County as proof the company remains "bullish in the future."
“Today’s restructuring ensures the long-term health and sustainability of WOB Bar & Kitchen," Paul Avery, World of Beer president and CEO, said in a statement. "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."
The news release said several new restaurants are still on track to open, with the first of those new locations opening in a few weeks in Georgia. Next year, two restaurants in Maryland are slated to open, too.
“This restructuring will place WOB Bar & Kitchen in a stronger position moving forward. Our focus remains on serving our loyal customers, supporting our employees and franchises, and positioning our restaurants for continued growth and success in a competitive landscape,” Avery said.