Popular entertainment restaurant chain Punch Bowl Social announced Tuesday its filing for bankruptcy protection citing that the pandemic has ravaged the business.
Due to the continued restrictions on bars and restaurants and the nature of Punch Bowl’s operations centered around group activities including karaoke, bowling and games — several locations have temporarily & permanently closed.
Downtown Indy’s location which originally opened in December 2016 has been closed since March, with plans to reopen in early 2021.
The Denver-based restaurant, which received a $140 million investment from Cracker Barrel in 2019, had opened 20 locations across the country.
According to the filing, Punch Bowl owes a $707,894 lease obligation to Circle Centre Mall, among other debts believed to be between $10 and $50 million.
Some executives might have seen the writing on the wall. Founder and former CEO Robert Thompson recently left the company, resigning in early August.
No information is currently available in regards to what this announcement means for the future of the Indianapolis location.