Hawkers Asian Street Food, a popular casual dining chain, has successfully withdrawn its Chapter 11 bankruptcy filing from September, signaling a positive turn for the company. This development comes after the Orlando Business Journal reported a consensual loan restructure agreement with lender Summit Partners. Approved on January 29th, the deal allows Hawkers to move out of bankruptcy, marking the end of a challenging period for the growing restaurant group.
The Chapter 11 filing was initially made to address a dispute with its lender and to ensure the brand’s operational stability and integrity during the negotiation. As stated by Hawkers’ attorney Scott Shuker of Shuker & Doris PA in September, the move was a strategic decision to “maintain operational control of the company and preserve the integrity of its brand as to protect from an overreaching lender.” The company had entered into a debt capital agreement the previous year with ambitious plans to expand and establish itself as a nationally recognized brand in the competitive Asian street food market.
Despite the financial restructuring, Hawkers Asian Street Food has demonstrated strong performance and growth. According to Technomic data, the chain experienced an impressive 18.5% sales increase between 2022 and 2023, reaching $66.1 million in revenue. Its footprint also expanded by 7.7%, ending 2023 with 14 locations. Currently operating 15 restaurants across Florida, Georgia, North Carolina, Tennessee, Maryland, Virginia, and Texas, Hawkers has plans for further expansion, aiming to open five new locations.
Founded in 2011 by childhood friends Kaleb Harrell, Allen Lo, Wayne Yung, and Kin Ho, Hawkers is known for its diverse menu inspired by Asian street food culture. Offerings include a variety of dishes such as dim sum, noodles, rice plates, flavorful wings and skewers, and signature cocktails, all contributing to its appeal in the casual dining sector.
Shuker emphasized the underlying strength of the Hawkers business in a statement to the Orlando Business Journal. He pointed out that, “Hawkers is solid, and the bankruptcy isn’t a sign of company weakness.” He further highlighted a key operational advantage: “They have a separate company — a commissary — that makes their food, which wasn’t part of the Chapter 11 case. That’s a key innovation that helps the brand thrive.” This commissary kitchen model ensures consistent quality and potentially contributes to the efficiency of Hawkers’ operations, positioning them well for continued success in the Asian street food dining scene.
