Popular restaurant chain from Spain prepares for highly anticipated opening while progressing through bankruptcy restructuring
The popular restaurant chain from Spain, 100 Montaditos, today announced the opening of its newest U.S.-based location in Miami Lakes, FL. The Florida operator of the company — which filed voluntary petitions for Chapter 11 reorganization in March 2015 — will open the doors of its new restaurant in the North Miami-Dade County community on Tuesday, July 14.
“It is with great pride that we announce the opening of our newest U.S. location and demonstrate our commitment to the U.S. market, our customers, and existing franchisees,” said Managing Director Ignacio Garcia Nieto. “We are confident that we will emergence from bankruptcy later this year and look forward to continue developing the Montaditos brand in the U.S.”
Centrally located in the open-air shopping mall at 6843 Main Street, Miami Lakes, the new 100 Montaditos location will embrace the brand’s credo of celebrating Spanish culture and providing quality, inexpensive tapas-influenced sandwiches and offerings in an inviting atmosphere. The 1,300-square-foot location, which includes a 490-square-foot patio and a total occupancy of 50 seats, will be open from 11 a.m. to 11 p.m., seven days a week. In honor of its grand opening, the restaurant will offer various promotions to visiting customers throughout its first week, including selected complimentary items from its revamped menu.
In March 2015, 100M Holding, Inc., the parent company that operates the brand in the U.S., and 13 of its subsidiaries and affiliates filed for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Florida. The bankruptcy, which only involves the chain’s Florida stores, is currently pending before the Honorable A. Jay Cristol.
As part of the company’s restructuring efforts, a new management team was appointed and is being led by Garcia Nieto, who previously served as the Franchise Development Director for 100 Montaditos in the U.S. and Latin America. As managing director, Garcia will be responsible for overseeing the operations of the company and the restructuring of its finances in the bankruptcy proceedings. He will also manage and support operations of the restaurants operated by 100 Montaditos franchisees.
The bankruptcy court recently approved a $400,000 financing loan to the company from 100M Montaditos Internacional, S.L. which will be used to fund certain operating expenses during the bankruptcy proceedings. Throughout the process, existing locations in Miami (West Kendall, Midtown and Brickell), as well as in Tampa, New York City, and Washington D.C., will remain open.
“100M is working diligently with the appointed Official Creditors Committee to formulate a consensual reorganization plan, including simplifying its cost structure and grouping its restaurant locations to optimize logistics and related procedures,” said Bankruptcy Counsel Mariaelena Gayo-Guitian, a partner at Miami-based Genovese, Joblove & Battista, P.A., which is representing 100M Holding, Inc. along with law partner Paul J. Battista.
An innovative concept founded in 2000 in Huelva, Spain, 100 Montaditos has exploded in popularity through the past decade with the offering of its signature “Montaditos.” Deeply rooted in Spanish tradition, the crunchy, baked-to-order, tapas-sized rolls are presented in 100 variations and filled with authentic, high-quality tapa ingredients such as Serrano ham, chorizo and manchego cheese. The sandwiches range in price from $2 to $3. The casual restaurant chain now operates 350 company-owned and franchised restaurants in Belgium, Chile, Colombia, Guatemala, Italy, Mexico, Portugal, Spain, and the United States. 100 Montaditos is owned by the Madrid-based restaurant holding company Grupo Restalia, which also operates the beer pub franchise Cervecería La Sureña and The Good Burger.
To learn more about 100 Montaditos, please visit US.100Montaditos.Com.