Two Punch Bowl Social locations – one in Denver and another in the Chicago suburb of Schaumburg, Ill. – are permanently closing. Founder and CEO Robert Thompson said the closures come after he failed to reach new lease agreements with the landlord.
While the 32,000-sq.-ft. entertainment center in Denver’s Stapleton neighborhood is closing, the original Denver Punch Bowl Social on South Broadway will be back, according to The Denver Post. All locations have been closed since March 15 due to the coronavirus.
“When we re-open across the country, we will do so smartly and with partners who are in it with us,” Thompson said. “We appreciate that landlords are trying to ensure the success of their businesses, however, we were unable to reach satisfactory new terms to move forward with our Stapleton, Colo., and Schaumburg, Ill. landlord. As such, we determined it was in Punch Bowl Social’s best interest to sever ties.”
The company’s overall future has been in question recently as Cracker Barrel Old Country Store, which in July 2019 paid $140 million for a 58.6% stake in Punch Bowl Social, decided not to reinvest in the brand. Thompson recently said he would have an announcement soon regarding the details of the company’s investment and future. Learn more about them at www.punchbowlsocial.com.