The owner of casual Italian dining chain Romano’s Macaroni Grill filed for bankruptcy protection yesterday with a plan to slash it debt and to reorganize around its top restaurants, the Wall Street Journal reported. The chain’s parent company and a handful of affiliates, including investment vehicle Mac Acquisition LLC, filed for chapter 11 protection in U.S. Bankruptcy Court in Wilmington, Del. In court papers, Chief Executive Nishant Machado blamed the chain’s financial woes on the downturn in the casual dining industry as customers have shifted to cheaper, faster alternatives. The chain owns 93 restaurants in 23 states and employs approximately 4,600 people. It brought in revenue of approximately $230 million last year. RedRock Partners, LLC bought the chain for $8 million in 2015. Since then, Machado said, the company has struggled to service its debt. So far this year the chain has closed 37 unprofitable restaurants.
