Garden Fresh Restaurants

Garden Fresh Restaurants

Roles
Financial Advisor, Interim CEO, Interim CFO
  • Established sustainable footprint 
  • Stabilized sales, grew guest counts 
  • Supported the sale of the company to an investor group 

The company is a 40-year-old California-based soup and salad cafeteria chain operating 130 restaurants. Faced with declining sales, challenging labor costs, significant debt burden, and multiple internal operational issues, the company was forced to file for bankruptcy and emerged as a new entity owned by senior lenders. CR3 professionals were hired to develop a turnaround roadmap post-bankruptcy revolving around a “save and reinvest” strategy. Additionally, the team served in various interim leadership roles. CR3 ushered in a new corporate culture, established a sustainable restaurant footprint, stabilized sales, and supported the sale of the company to an investor group.

The Situation

  • 40-year-old California based soup and salad cafeteria chain operating 130 restaurants
  • Company faced declining sales due to ineffective marketing initiative, challenging labor costs from minimum wage increases and significant debt burden
  • Company had multiple internal operational issues such as outdated IT infrastructure, deferred maintenance, poor records worker’s compensation, supply chain inefficiency and demoralizing culture
  • Company filed for bankruptcy and emerged as new entity owned by senior lenders

The Work

  • CR3 professionals were hired by new owners to develop a turnaround roadmap post-bankruptcy
  • Designed a plan revolving around “save and reinvest” strategy, focusing on savings around operational improvement (such as supply chain, store closure and overhead reduction) and reinvest in initiatives to improve sales (menu improvement, new marketing initiatives with less reliance on discounting, focused capital expenditure and better prime cost management system)
  • Served as interim CEO, CFO, CMO and VP of Supply Chain
  • CR3 ushered new corporate culture focusing on collaboration and open communications

The Results

  • Established sustainable footprint consisting of core 97-unit chain
  • Stabilized sales through more disciplined marketing approach resulting in positive guest counts for seven consecutive months after emerging from bankruptcy and reversing negative trends from prior two years
  • Supported the sale of the company to an investor group that included an affiliated company

Explore Insights

View All
Managing the Insource/Outsource Mix within a Restaurant Environment
Article

Managing the Insource/Outsource Mix within a Restaurant Environment

Ensuring every detail throughout the customer experience, as well as the back office, is executed according to a specific vision can lead to success, but it often means taking on functions internally that the business is not well-positioned to execute, or outsourcing functions that are best performed in-house.

Read More
Unconventional Interim Management Approach Leads to Profitable Exit
Article

Unconventional Interim Management Approach Leads to Profitable Exit

Sometimes an unconventional approach validates an uncommon way of thinking. When an organization seeks interim management, it is typically distressed. A new CEO is named, and restructuring commences with the goal of continued operations or an exit.

Read More
Why Restaurant Data Analytics are a Necessary Tool for Success
Article

Why Restaurant Data Analytics are a Necessary Tool for Success

Partner, Sugi Hadiwijaya and OverlayAnalytics' Founder and CEO, Bryan Shupe, discuss how similar to challenges around kitchen management, data challenges are multi-faceted, from data compilation and interpretation, to conversion and utilization, and cultural integration with Nation's Restaurant News.

Read More
When and Why Should You Hire an Interim Manager?
Article

When and Why Should You Hire an Interim Manager?

How do a management team and Board of Directors know when to engage an interim manager, and how do different situations determine the type of interim manager they should hire?

Read More
CR3 Partners Named to Consulting Magazine list of Best Small Consulting Firms 2021
Video

CR3 Partners Named to Consulting Magazine list of Best Small Consulting Firms 2021

CR3 Partners was recently named to Consulting Magazine's list of Best Consulting Firms to Work For. It is an honor to be part of this distinguished list of companies.

View Video
CR3 Partners Honored with M&A Advisor Award
News

CR3 Partners Honored with M&A Advisor Award

CR3 Partners announced that the firm received the Award for "Restructuring of the Year ($10MM to $50MM)" by M&A Advisor in the "Chapter 11 Reorganization Award" category.

Read More
Four Paths to Increase Revenue in a Turnaround
Article

Four Paths to Increase Revenue in a Turnaround

When restructuring advisors are engaged to stabilize their clients' operations, they often focus on cutting expenses and controlling disbursements.

Read More
Lenders as Accidental Restaurant Owners: Four Success Factors of Temporary Restaurant Ownership
Article

Lenders as Accidental Restaurant Owners: Four Success Factors of Temporary Restaurant Ownership

During COVID-19, a significant amount of restaurant bankruptcies saw the lenders taking over the assets when no qualified buyers came to the table. Now that these lenders have become temporary restaurateurs.

Read More
CR3 Partners Adds New Service Offering and Continues  to Expand
News

CR3 Partners Adds New Service Offering and Continues to Expand

CR3 has appointed new Partner Suzanne Roski to expand and lead this practice in our new Richmond office. Suzanne's background includes over 35 years of professional experience with troubled companies, litigation, forensic investigation, and valuation consulting.

Read More
CROs Adapt to Limits on On-Site Presence
Article

CROs Adapt to Limits on On-Site Presence

Partner, David Tiffany walks us through how CROs adapt to limits on on-site presence in the most recent installment of the Turnaround Management Association's Journal of Corporate Renewal.

Read More
CR3 Partners Expands Los Angeles and Houston Offices
News

CR3 Partners Expands Los Angeles and Houston Offices

CR3 Partners is proud to announce the expansion of its rapidly growing Los Angeles office by adding two Senior Associates, Alex Pettee and Ashtynn Baltimore. Along with the additions to the Los Angeles office, CR3 Partners would also like to announce its new Director, Avery Alcorn out of the Houston office.

Read More
CR3 Conversations: Restaurant Industry During COVID-19
Video

CR3 Conversations: Restaurant Industry During COVID-19

The restaurant industry has been one of the hardest-hit industries during COVID-19. Director, Kep Sweeney, gives advice on how to best navigate through it and shares what his current client has done to actually improve during these difficult times.

View Video
CR3 Partners Honored with Two M&A Advisor's Awards
News

CR3 Partners Honored with Two M&A Advisor's Awards

Led by Dustin Lough, the engagement team for The NORDAM Group, a large international aerospace company, received the Restructuring of the Year ($250MM to $500MM) award as advisors to the lending group leading up to and including the Chapter 11 bankruptcy proceeding.

Read More
CR3 Partners Adds Two Partners
News

CR3 Partners Adds Two Partners

CR3 Partners is pleased to announce that Sean Cunningham has joined as a Partner of the firm and will be based in its New York office. David Tiffany has been elevated to Partner of the firm in the Los Angeles office.

Read More
CR3 Partners Opens Los Angeles Office and Adds New Partner
News

CR3 Partners Opens Los Angeles Office and Adds New Partner

CR3 Partners is delighted to announce that Tim Skillman has joined as a Partner of the firm and will be heading the new CR3 Partners Los Angeles office.

Read More
CR3 Partners Honored with Two Turnaround Atlas Awards at 2019 Global M&A Network Annual Gala
News

CR3 Partners Honored with Two Turnaround Atlas Awards at 2019 Global M&A Network Annual Gala

CR3 Partners is pleased to announce that the firm was awarded two Turnaround Atlas Awards on May 20, 2019 at the Global M&A Network Annual Gala.

Read More
New Partners and Continued Growth of CR3 Partners
News

New Partners and Continued Growth of CR3 Partners

The CR3 Partners Board of Managers is pleased to announce that Jeff Armstrong and Dawn Ragan have been admitted to the firm's partnership.

Read More
Dawn Ragan is Interviewed for Journal of Corporate Renewal
External Link

Dawn Ragan is Interviewed for Journal of Corporate Renewal

Partner, Dawn Ragan, was recently featured in a Q&A article in the Journal of Corporate Renewal, the official publication of the Turnaround Management Association.

View
CR3 Partners Expands Chicago Team
News

CR3 Partners Expands Chicago Team

CR3 Partners is pleased to announce that Tim Shanahan has joined the CR3 Partners team and will be based in its Chicago office.

Read More
New Partner and Two More Executives Receive CTP Designation
News

New Partner and Two More Executives Receive CTP Designation

The CR3 Partners Board of Managers is delighted to announce that James Katchadurian has been promoted to Partner with the firm.

Read More
CR3 Partners Advises NEOPS Alongside SSG Capital on Sale of Debt
External Link

CR3 Partners Advises NEOPS Alongside SSG Capital on Sale of Debt

SSG Capital Advisors, LLC (SSG) acted as the investment banker to New England Orthotic & Prosthetic Systems, LLC and its affiliates in the sale of all of its outstanding senior debt to AHM Healthcare Strategies (AHM), an affiliate of Eschen Prosthetic and Orthotic Laboratories, Inc. (Eschen).

View
Industry Veterans Combine to Launch National Turnaround and Performance Improvement Firm
News

Industry Veterans Combine to Launch National Turnaround and Performance Improvement Firm

The leadership of CR3 Partners, LLC, today revealed the details of their newly-formed national turnaround and performance improvement firm.

Read More
Contact Us

CONTACT US

Do you have any further questions? How can we help you? Get in touch with us.

CONTACT US