Amid mounting pressure on U.S. pizza chains from weaker consumer spending and slowing restaurant traffic, Washington-based wood-fired pizza chain Smoking Monkey Pizza filed for Chapter 11 bankruptcy this week as it seeks to restructure its debt and reorganize operations.
Parent company TB Enterprises LLC filed for bankruptcy protection Tuesday in the U.S. Bankruptcy Court for the Western District of Washington in Seattle, according to court filings. The filing lists assets of up to $50,000 and liabilities ranging between $100,000 and $500,000.
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The bankruptcy adds to broader troubles across the pizza industry, with major chains including Pizza Hut, Domino’s Pizza (NASDAQ:DPZ) and Papa John’s International (NASDAQ:PZZA) flagging weaker consumer demand and softer sales trends amid persistent inflation and cautious discretionary spending.
The largest unsecured creditors listed in the court papers include the Washington Department of Revenue, Sysco, Chase Card Services, Gravity Payments, Greco and Puget Sound Energy, all owed amounts ranging from about $34,000 to more than $52,000.
