This Restaurant Chain Has Closed Half Of All Its Locations To Try And Survive Bankruptcy

Not every restaurant is destined to thrive, especially ones that serve admittedly niche cuisine in the already stressed world of food service. The high-end vegan chain Planta is just one example of the struggle that meatless dining establishments have faced in recent years, as it's closed over half of its locations following a recent filing for bankruptcy.

In May 2025, Planta was forced to file for Chapter 11 bankruptcy, meaning that it will continue to hold onto some assets and operate while paying off debts to its creditors. As part of the change, Planta's parent company, CHG US Holdings LLC, was sold off to New CHG US Holdings, a company assembled by one of its former investors, Anchorage Capital Group. The sale came out to a total of $7.8 million, most of which was in converted debt. The sale was facilitated by the banking firm Cassel Salpeter & Co.

Following the sale, only eight locations out of the previous 18 remain open. These remaining locations will continue business, serving vegan sushi and other meat-free foods to their hungry customers. Whether the chain will find more success in the future, it's impossible to say, but for now, at least, Planta is still living.

Planta first came to be in 2016, with its debut location in Toronto. It marketed itself as a high-end vegan dining experience, offering meat-free Asian-style foods like sushi and poke bowls, mushroom-based beef and broccoli, and truffle fried rice. It expanded rapidly following some promising initial success, eventually opening additional restaurants in major cities like New York and Los Angeles, as well as two more Toronto locations.

Yet things didn't stay quite so rosy. During the 2020 COVID-19 pandemic, Planta suffered alongside many other restaurant brands, as lockdowns forced closures and operating costs only rose in the face of supply chain disruptions and shortages, as well as decreased customer traffic. Its rapid expansion proved to be part of its downfall, as part of the reason for the bankruptcy included delinquent lease payments on some of its locations.

In 2024, Planta's reported profits were $6 million, though at the time of its bankruptcy, it had no monetary assets and between $10 million and an eye-watering $50 million of debt and other liabilities. Following the bankruptcy, Planta's remaining restaurants can be found in the Washington, D.C. metropolitan area, New York, Chicago, Los Angeles, and its home of Toronto.