Finding the interim support needed to turn around a restaurant chain

Picture this...

You’re a casual dining restaurant chain with 230 steakhouses and 26 franchised locations across 23 states. Unfortunately, the business isn’t fairing well—you’re seeing steadily declining EBITDA and liquidity. You need a turnaround plan to rapidly increase EBITDA by focusing on sales, marketing, cost management, real estate assessment and rationalization, team development and retention, and the establishment of better controls and more efficient processes.

You turn to Accordion.

We come on board to enhance management expertise by serving as interim CEO, CFO, and CRO. Our team formulates and executes a comprehensive turnaround strategy, which includes:​

• Strategic planning at the unit level to increase operational efficiencies and reduce overhead costs.​
• Preparing and executing a Chapter 11 bankruptcy proceeding to restructure the business and increase cash at exit.​
• Leading the development and system-wide rollout of a new menu focused on returning to core items and simplifying execution in the back-of-house.​
• Rebranding and launching an integrated media campaign to recover guest traffic and close the gap in comp sales.​
• Analyzing each restaurant location and rationalizing the geographic footprint.

Your value is enhanced.

You rebuild your brand and basic operations, increasing run-rate EBITDA by more than 100% in four months, while concurrently working through a successful Chapter 11 reorganization and balance sheet restructuring. Additionally, you realize incremental EBITDA creation of more than $15M annually. You also outperform your DIP cash flow forecast by over $13M, increasing cash at exit to $22MM, and close more than 30 negative carry units to yield $3M of additional incremental EBITDA annually.