After restructuring for several months, Even Stevens filled for chapter 11 bankruptcy Thursday and announced that they would be closing their restaurant location in Provo.
The sandwich shop chain runs locations in Utah, Washington, and Idaho.
“Today’s action is an important step on our path to financial stability,” said Brooks Pickering, chief restructuring officer for Even Stevens. “As a start-up, Evens Stevens came out of the gate with positive momentum but expanded too quickly, saddling the company with significant financial and operational challenges. While the restructuring to date has significantly improved operations, the remaining challenges require the tools afforded through the bankruptcy process to properly protect the interests of our investors, financiers, employees and customers. With the proper business organization and financial discipline, we look forward to achieving long-term success.”
The chain already closed stores in Arizona, Texas and Colorado.
All employees at the Provo location have been offered positions at other Even Stevens locations in Utah.
Pickering said he wants to reassure customers that Even Stevens will continue operating throughout the restructuring process and that the company is reaching out to clients and stakeholders to answer questions about the filing and ongoing restructuring.