$13 million in lawsuits and liens lead to closures at Pihakis Restaurant Group
Pihakis Restaurant Group, a Birmingham-based chain with locations across the Southeast, is facing $13.7 million in lawsuits and liens, leading to the closure of over a dozen restaurants since mid-April. The restaurant industry continues to struggle with thin profit margins (averaging between 3% and 10%) amid rising input costs and inflationary pressures.
Topics: closures debt profit margins restaurants