Popular Florida deli chain TooJay’s files for bankruptcy

TooJay’s owes over $33M to lenders, according to its bankruptcy filing

Miami /
May.May 01, 2020 02:30 PM
TooJay’s (Credit: Google Maps)

TooJay’s (Credit: Google Maps)

The popular Florida deli chain TooJay’s declared bankruptcy as a result of the impacts of coronavirus.

TooJay’s Management, which opened its first restaurant in Palm Beach in 1981, filed for Chapter 11 bankruptcy earlier this week in federal court in the Southern District of Florida. The company owns and operates 28 locations in Florida, including in Hallandale Beach, Fort Lauderdale and Jupiter, according to its website.

TooJay’s tried to cut costs by reducing its full-time employees from 1,114 to 290. It also received a $6.4 million loan from the federal Paycheck Protection Program (“PPP”), which it plans to use for payroll and other expenses, including future rent, according to the company’s bankruptcy filing.

The company said, however, that its “fixed operating costs make it challenging for it to maintain its profitability and other key financial health metrics” required by its lender, Monroe Capital Management.

The Chicago-based private lender had an agreement with TooJay’s to provide a loan of up to $26 million, according to the filing. Toojay’s also obtained $7 million in secured loans from two mezzanine lenders.

As of Wednesday, Monroe Capital was owed $25.5 million, and mezzanine lender Stamford, Connecticut-based Brookside Mezzanine Partners was owed $7.27 million, according to Toojay’s filing.

TooJay’s has between $50 million and $100 million in assets and liabilities, the bankruptcy filing shows. The company’s largest unsecured creditors are Truist Bank for $6.4 million, U.S. Food Service for $1.9 million, and Three Atlanta LLC for $109,000.

Additional bankruptcy filings are expected across the country as restaurants and small businesses struggle to survive due to the impacts of coronavirus, experts say. Last week, the owner of the movie theater chain CMX Cinemas filed for bankruptcy in Miami.


Related Articles

arrow_forward_ios
IRA Capital makes $16M medical office play in Boca Raton
IRA Capital makes $16M medical office play in Boca Raton
IRA Capital makes $16M medical office play in Boca Raton
After yearslong bidding battle, Miami faces legal challenge over marina referendum
After yearslong bidding battle, Miami faces legal challenge over marina referendum
After yearslong bidding battle, Miami faces legal challenge over marina referendum
2714 Sheltingham Drive with Fred and Lora Jean Drasner (Berkshire Hathaway)
Former New York Daily News co-owner buys Wellington mansion for $5M
Former New York Daily News co-owner buys Wellington mansion for $5M
Chew on this: Shorty’s BBQ sells Doral property for $6M
Chew on this: Shorty’s BBQ sells Doral property for $6M
Chew on this: Shorty’s BBQ sells Doral property for $6M
Former Palm Beach councilwoman sells lakefront mansion for $38M
Former Palm Beach councilwoman sells lakefront mansion for $38M
Former Palm Beach councilwoman sells lakefront mansion for $38M
Trian’s Nelson Peltz, Ed Garden and Peter May with the office building (Trian, New England Development)
Billionaire Nelson Peltz’s Trian Partners buys Palm Beach office building for $23M
Billionaire Nelson Peltz’s Trian Partners buys Palm Beach office building for $23M
Todd Glaser and David Skok with 360 El Brillo Way (Facebook via Skok, Premier Estates)
Venture capitalist David Skok pays $26M for Jeffrey Epstein’s former Palm Beach property
Venture capitalist David Skok pays $26M for Jeffrey Epstein’s former Palm Beach property
Landlord Bill Fuller with Ball & Chain bar and Taquerias el Mexicano restaurant (Barlington, Ball & Chain, Facebook via Taquerias El Mexicano)
Rumble in Little Havana: Ball & Chain owner sues city of Miami for $28M
Rumble in Little Havana: Ball & Chain owner sues city of Miami for $28M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...