Breaking news coming out of Chicago today as all 10 Chicago Bow Truss locations closed unexpectedly today. According to Crain’s, owner Phil Tadros has shuttered his cafes temporarily after “employees who were not paid last week walked off the job.”
Earlier this week Crain’s reported that a deal to buy a majority share of the coffee shop by celebrity entrepreneur Marcus Lemonis fell through after Lemonis discovered “several things [he] just didn’t like, which included Tadros’ “habit of bouncing paychecks.” Lemonis may be forced to pay $162,500 just to get out of the $3.25 million deal.
Hot on the heels of the falling out comes news that all Bow Truss locations have closed. Tadros states he is looking for a “new, emergency partner” and that the cafes are taking “a time out until we can figure out what’s going on, what’s getting paid.”
Tadros tells Crain’s:
“We don’t just need money, we need new leadership that has the organizational experience that I don’t,” Tadros said. “We’re doing the best we can, and I thought we found a good partner. It turns out, we did not. It’s a very unusual situation.”
Tadros continues:
As messed up as this is, I do feel confident that everything is going to be paid soon. At the end of the day, it’s my responsibility, my employees and my bills, and I’ve got to see our way out of it.
Bow Truss has pursued an aggressive growth strategy over the last several years, including multiple locations in Chicago and an expansion into Los Angeles at the end of 2015. The Beverly Hills Bow Truss is currently the only location to remain open.
This story is developing…
*top image via Chicago Cultural Mile
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