The Vancouver-based operator of Romano’s Macaroni Grill restaurants in the Portland area, as well as the Seattle and San Francisco areas, has filed for bankruptcy, the Portland Business Journal reported Monday.
Waterloo Restaurant Ventures Inc. of Vancouver filed March 8 for protection from creditors in U.S. Bankruptcy Court for the Northern District of Texas, the Business Journal said. Waterloo’s website indicates it operates 10 Macaroni Grill restaurants in those three metro areas, including restaurants in Portland, Hillsboro, Tualatin, and Clackamas, Ore. The website says its development agreements with Dallas-based Brinker International Restaurants give Waterloo the rights to develop more than thirty Romano’s Macaroni Grill restaurants.
The restaurant operator filed under Chapter 11 of the U.S. Bankruptcy Code, which signals that it intends to reorganize its debts and stay in business, according to the Business Journal. It said that Waterloo’s bankruptcy petition indicates its has between 200 and 999 creditors and assets and liabilities between $10 million and $50 million.