Thompson Hospitality, a Reston, Virginia-based retail and facilities and management company, has acquired Matchbox Food Group, LLC as the casual-dining chain emerged from Chapter 11 bankruptcy protection, according to a report from Restaurant-Hospitality.com.
As stated in the report, Thompson Hospitality in 2018 had made an $11 million investment in the Washington, D.C.-based Matchbox, a deal that had included an unexercised purchase option. Thompson Hospitality had managed Matchbox’s nine company-owned stores for the past two years.
In the bankruptcy deal, Thompson acquired Matchbox’s assets, which include nine company-owned restaurants and one franchised unit. Three locations were closed previously as part of the company’s reorganization: Dallas, Texas, 14th Street in Washington, D.C., and Potomac Mills, Virginia. “I want to extend our gratitude to the Matchbox and Thompson Hospitality teams, who continued to believe in the company and worked diligently to help this beloved restaurant brand successfully and swiftly emerge from Chapter 11 bankruptcy protection in a stronger long-term position,” Warren Thompson, president and chairman of Thompson Hospitality, said in a statement.
Matchbox filed for Chapter 11 bankruptcy protection in August, citing the impact of the coronavirus pandemic. “Restructuring will allow us to right-size our balance sheet and position the business for growth going forward,” Edwin A. Sheridan IV, a member of the board of Matchbox Food Group, said in a August statement to Washington Business Journal. “The impact of the COVID-19 pandemic on the restaurant industry has been swift and damaging. The Chapter 11 process will enable us to emerge as a stronger company, and to continue to serve as good partners with our team members, vendors, landlords, and our loyal guests.”
Photo: Matchbox Restaurants/Facebook