Fifteen-unit Hawkers Asian Street Food announced Monday that it declared bankruptcy to keep operational control and protect itself from an “overreaching lender,” the company said.
In early 2023, the chain entered a debt capital agreement to grow its presence across the country. Hawkers alleges that over the past 60 days, the lender has tried to take over the company even though the brand never missed a payment. The bankruptcy filing allows the chain to maintain normal operations and vendor payments at all 15 locations and re-stabilize the company “in a way that secures a thriving and successful future for Hawkers and its dedicated team.”
READ MORE: Hawkers Asian Street Food is Out to Redefine Pan-Asian Cuisine
Last year, companywide sales grew 18.5 percent and same-store sales lifted 26 percent.
“Hawkers Asian Street Food’s goals remain clear and steady—protect the guest experience at every turn, prioritize the safety and well-being of its team members and stakeholders, and continue growing the brand in a sustainable and upstanding manner,” the company said in a statement. “While Hawkers hopes to negotiate a favorable outcome with said lender, the future of the company remains bright, and the team looks forward to welcoming guests for their Hawkers favorites for decades to come.”
Hawkers was founded in 2011 by four friends Kaleb Harrell, Allen Lo, Wayne Yung, and Kin Ho. The first unit opened in Orlando, and the chain has since expanded in Florida, as well as Georgia, North Carolina, Tennessee, Maryland, Virginia, and Texas. The chain recently earned a Michelin Guide Recommendation for its authentic Asian street and experiential dining room.
The chain owes its name to the many vendors in Singapore, Thailand, Malaysia, and other countries that hawk their food in open-air markets. Lo says the brand’s opening coincided with a rise in popularity of travel TV stars like Andrew Zimmern, Anthony Bourdain, and Samantha Brown who visited these places and highlighted family recipes.
The brand joins several entities that have declared bankruptcy thus far in 2024, including BurgerFi, Red Lobster, Rubio’s Coastal Grill, Tijuana Flats, Sticky Fingers, Oberweis Dairy, Tocaya and Tender Greens, Mary’s Pizza Shack, Roti, Foxtrot and Dom’s Kitchen, a 126-unit Pizza Hut franchisee, a 25-unit Arby’s franchisee, a 48-unit Subway franchisee, a four-unit Dickey’s Barbecue Pit franchisee, a 17-unit Popeyes franchisee, World of Beer, Buca di Beppo, and a six-unit Alamo Drafthouse Cinemas franchisee.
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