Lena Brands LLC, the Dallas-based parent of Shari’s Cafe & Pies and Coco’s, has filed for Chapter 11 bankruptcy protection, according to court papers. The May 15 filing caps a prolonged slide that already included the sudden closure of every Shari’s restaurant in Oregon more than a year ago, leaving managers, workers and state agencies scrambling over unpaid bills, lawsuits and the future of the once-familiar roadside chain.
Court records put Lena Brands’ assets somewhere between $1 million and $10 million, with liabilities in the $10 million to $50 million range, as reported by TheStreet. The Chapter 11 petition landed May 15 in the U.S. Bankruptcy Court for the District of Delaware and lists affiliates including Lena Holdings LLC and Lena Real Estate Holdings LLC, according to filing summaries. Bondoro is tracking the case docket and the growing list of parties involved in the proceeding.
Bankruptcy Follows Abrupt Oregon Shutdown
Shari’s jolted Oregon communities when the company abruptly closed all 42 Oregon locations in October 2024. Many employees say they learned about the shutdown by text message, arriving to locked doors and fully stocked kitchens. The swift pullout triggered landlord lawsuits and weeks of local coverage digging into the fallout. Hoodline chronicled the closures and the immediate on-the-ground impacts as communities suddenly lost a familiar late-night stop.
Workers, The State And Creditors Pressing Claims
That shutdown helped set the stage for legal and financial blowback. A former employee filed a class-action complaint claiming Lena Brands failed to provide the advance warning required under the federal WARN Act, and the Oregon Lottery says the chain owes about $900,000, according to reporting by KOIN. Those disputes, along with landlord suits over unpaid rent, are expected to show up as formal claims in the bankruptcy case and will either be handled through the Chapter 11 process or hammered out at the negotiating table.
Former Restaurants Are Being Marketed And Reused
Once the lights went out, many of the former Shari’s buildings did not sit idle for long. Several shuttered properties have been marketed for sale or lease, and some sites have already drawn interest from developers and national chains, according to local coverage. Follow-up reporting tracked the post‑closure market and spotted new permit filings and franchise plans, including In‑N‑Out’s application near PDX, suggesting those big roadside footprints are appealing to other operators. Any sale or lease deals could help boost what landlords and other unsecured creditors ultimately recover.
What’s Next For The Chain And Its Creditors
Public filings identify Samuel Nicholas Borgese as Lena Brands’ sole owner and offer little immediate explanation for how the company unraveled, according to court summaries. Bondoro’s alerts list the attorneys and affiliated debtors tied to the case, but the company itself has not commented on the bankruptcy filing, KOIN reports. The Delaware court will set key dates for creditor meetings and filings that will determine whether Lena Brands can reorganize or will instead focus on selling off assets to pay back what it can.
