Brazil court okays bankruptcy protection for TGI Fridays, Starbucks operator

© Reuters. FILE PHOTO: A Starbucks logo is seen at a Starbucks coffee shop in Jundiai, near Sao Paulo, Brazil, February 28, 2018. REUTERS/Nacho Doce/File Photo

SAO PAULO (Reuters) – A Sao Paulo judge on Tuesday approved bankruptcy protection for SouthRock Capital, which runs all Starbucks (NASDAQ:) coffee shops and TGI Fridays restaurants in Brazil, according to a court filing.

SouthRock had filed for protection from creditors in late October.

SouthRock said in a statement that with the approval, it will continue to restructure operations with the aim of protecting employees, stores and customers.

The bankruptcy protection process only includes its Starbucks and TGI Fridays stores, as well as some restaurants located in airports, SouthRock press office later said.

Stores from sandwich maker Subway and Italian food chain Eataly, brands also exclusively operated by SouthRock in Brazil, are not in bankruptcy protection, the press office added.

SouthRock has about 140 Starbucks stores in Brazil and nine TGI Fridays, according to a list of restaurants it operates available on its website, although the company press office did not confirm the numbers.


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