Platinum Corral Chapter 11 Filing Statement
JACKSONVILLE, North Carolina (April 9, 2021) – Due to the business impacts of COVID-19, Platinum Corral LLC (“Platinum Corral”), a multi-unit franchise operator of Golden Corral® Buffet-Grill Restaurants, has filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in United States Bankruptcy Court for the Eastern District of North Carolina.
As part of Platinum Corral’s restructuring, 12 Golden Corral restaurants will remain open, including seven locations in North Carolina and five locations in Virginia. Ten of these locations are already open, and two locations in Greenville, North Carolina, and Richmond, Virginia, will reopen in 2021.
Sixteen locations operated by Platinum Corral are closed permanently as part of the pandemic restructuring plan, including locations in West Virginia, Ohio, Kentucky, North Carolina and South Carolina. State-mandated cafeteria-style operations with limited capacity were tested and proved to be financially unsustainable.
“We started Platinum Corral 25 years ago, and to remain operational into the future, we need to focus on the locations that are profitable and align with the Golden Corral business model,” said Billy Sewell, President and CEO of Platinum Corral. “While these decisions were weighed heavily over many months, we strongly believe the restructuring will afford us the opportunity to successfully operate 12 Golden Corral Buffet Restaurants in North Carolina and Virginia for the long term. We know the Golden Corral comeback will be brighter than the COVID-19 setback. We sincerely appreciate the hard work, dedication and hospitality shown by our employees and are grateful for each community’s support and patronage for so many years.”
President & CEO Platinum Corral LLC
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