By Chloe, the fast-casual chain known for its vegan burgers and salads, filed for chapter 11 protection with plans to sell itself after the COVID-19 pandemic hampered liquidity, Bloomberg News reported. Since February, By Chloe has seen its revenue drop 67 percent, and the chain was forced to lay off or furlough more than half its staff. Three of its locations, including its original restaurant in the West Village, remain closed while others are operating at reduced capacity. A group of investors have agreed to provide By Chloe with a $3.25 million debtor-in-possession loan to help the company keep operating in bankruptcy, according to court filings. The chain is seeking to sell itself by mid-February. Prior to the pandemic, the chain operated 14 restaurants in the U.S. and was planning to add two more. It also licensed its names to operators who opened locations in Toronto and London, according to court papers.
