Salad and Go Files Chapter 11, Seeks $105M Sale to Dutch Bros

And Go Concepts, LLC, the operating company behind the drive-thru chain Salad and Go, and four affiliated debtors filed voluntary chapter 11 petitions on August 4, 2026, in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, as Case No. 26-90753 before Judge Alfredo R. Perez. Rather than reorganizing around continued operations, the debtors closed their remaining restaurants the day after filing and are pursuing a sale of their real estate leases and site equipment to a subsidiary of the coffee chain Dutch Bros.

The debtors' proposed sale order identifies Boersma Bros, LLC as the buyer under an asset purchase agreement dated August 4, 2026, and the transaction would hand over dozens of former Salad and Go sites without transferring the Salad and Go name or other intellectual property. The petitions estimate both assets and liabilities at $500 million to $1 billion, and the sale — like the rest of the case — remains in its opening days, with the proposed order still awaiting a hearing date and judicial signature.

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Salad and Go Files Chapter 11, Seeks $105M Sale to Dutch Bros

What are the key takeaways from “Salad and Go Files Chapter 11, Seeks $105M Sale to Dutch Bros”?

Sale of Leased Sites to Dutch Bros' Boersma Bros

Boersma Bros, LLC, a Dutch Bros subsidiary, agreed to acquire leases and site-related assets — including equipment — at 51 former Salad and Go locations in Arizona and Nevada for $105 million under the asset purchase agreement dated August 4, 2026. The agreement separately covers 14 additional leases in Texas and Oklahoma for a nominal purchase price of $50. The 51-location group breaks down as 47 sites in Arizona and four in Las Vegas, while the second group covers 12 Texas leases and two in Oklahoma — 65 leases in total, a figure the debtors said could still change.

The scope of the proposed purchase covers leases, furniture, fixtures, equipment, vehicles, computers, point-of-sale systems, leasehold improvements, certain site-specific customer lists, security deposits, and transferable utility contracts. It does not include the Salad and Go name or other intellectual property, meaning the brand itself is not continuing under new ownership even though many of its former drive-thru sites will. The proposed sale order frames the transaction as a section 363(b) and 363(f) sale free and clear of liens, claims, and encumbrances, with the Buyer entitled to good-faith-purchaser protection under section 363(m) of the Bankruptcy Code.

To support that finding, the proposed order describes Boersma Bros' parent as a publicly traded company listed on the New York Stock Exchange with annual revenue exceeding $1 billion, more than 1,177 drive-thru-only locations across more than 25 states — including Arizona, Nevada, and Texas — average unit volumes exceeding $2 million per location, and a 30-year operating history. Separate reporting on the deal put Dutch Bros' store count at 1,177 shops across 25 states as of March 31. As of the sale order's filing, the transaction had not closed and the proposed order had not been signed by a judge.

The debtors evaluated two interested bidders before selecting Dutch Bros, citing deal certainty, closing speed, limited conditionality, and overall value, and said they believe the resulting proceeds will be sufficient to pay allowed claims in full — a position the sale motion states but that has not been adjudicated. The $105 million cash consideration is structured as a $10 million escrow deposit, including $1 million paid before the agreement's effective date, with the remaining $95 million due at closing subject to specified adjustments, on top of the buyer's assumption of specified liabilities; the agreement excludes seller cash, receivables, intellectual property, and perishable inventory.

The proposed asset purchase agreement also lets Boersma Bros reject specified leases after signing, reducing the purchase price by $2,058,823.53 for each rejected real-property lease and adding a $100,000 fee for every rejection beyond five. A fiduciary-out provision allows the debtors to pursue a better offer: an alternative transaction would trigger a $3.8 million termination fee plus documented expenses, and any competing bid would need to exceed the purchase price, assumed liabilities, the termination fee, and $10 million combined.

Cyclospora Outbreak and Cash-Loss Acceleration

The debtors attributed the filing to a combination of macro and company-specific pressures. "Rising gas prices, reduced consumer spending, and the cyclospora outbreak significantly accelerated cash losses over the 90 days immediately preceding the Petition Date," Chief Financial Officer Francis Gallagher said. Before filing, the first-day declaration says the debtors also reduced headcount, shut the Garland, Texas production facility, and pursued vendor renegotiations and asset-sale alternatives in an effort to avoid bankruptcy.

The company's operating history traces the strain: Salad and Go was founded in Gilbert, Arizona, in 2013 as a health-focused fast-food alternative built around small drive-through restaurants supplied by centralized food-production facilities. Beginning in 2021, the company expanded into Texas and Oklahoma, and at its peak operated 146 locations across four states with an estimated valuation of $1.1 billion in 2022, according to a chapter 11 declaration from Gallagher. The retreat from that expansion began well before the filing: the company closed about 41 locations in September 2025 and then ceased Texas and Oklahoma operations by closing 32 more restaurants in January 2026. The approximately 70 remaining Arizona and Nevada locations closed on August 5, 2026 — the day after the chapter 11 filing.

Capital Structure and the NMTC-Financed Texas Facility

And Go Concepts' main operating entity carries no secured debt of its own, according to the declaration cited in reporting on the case. Instead, the secured debt sits with an affiliated entity tied to a since-closed Texas production facility, which borrowed $25.4 million through New Markets Tax Credit loans. That structure separates the debtor group's real estate and operating assets — the ones now being sold to Boersma Bros — from the secured obligations tied to the shuttered Texas manufacturing operation.

Building that Garland facility as part of the 2021 Texas and Oklahoma expansion cost the company more than $47.1 million, according to the first-day declaration, which also describes the $25.4 million of NMTC loans as secured through account-pledge and negative-pledge arrangements plus completion and payment guarantees.

Existing equity holders separately contributed roughly $27 million in new capital through a recapitalization spanning December 2025 to January 2026, an infusion that came in the same window the company was closing its remaining Texas and Oklahoma restaurants. The petition also lists 200 to 999 estimated creditors, within the same $500 million to $1 billion asset-and-liability range disclosed in the filing.

Professional Retentions and Restructuring Officer

A written consent of the debtors' sole member, executed August 3, 2026, appointed Douglas J. Brickley as Chief Restructuring Officer and authorized the chapter 11 filing on behalf of And Go Concepts, LLC and its affiliates. The same consent authorized the retention of Reed Smith LLP as bankruptcy counsel, Stout Risius Ross, LLC as financial advisor, and Kroll Restructuring Administration LLC as claims, noticing, and solicitation agent. Omar J. Alaniz and Amalia Yael Sax-Bolder of Reed Smith are lead debtor counsel, and Jayson B. Ruff appeared for the U.S. Trustee's office.

The same board resolution pre-authorized the Authorized Persons to seek postpetition financing under one or more debtor-in-possession credit facilities if needed, but no DIP financing or cash collateral motion appeared among the debtors' opening filings.

On August 5, 2026, the debtors filed a slate of emergency first-day motions seeking authority to continue prepetition insurance coverage and workers' compensation programs, pay certain prepetition taxes and fees, and establish procedures for the rejection of executory contracts and unexpired leases. The docket also reflects a pro hac vice application for Sax-Bolder and the declaration of CFO Francis P. Gallagher filed in support of the petitions and first-day pleadings.

Key Timeline

• 2013: Salad and Go founded in Gilbert, Arizona.
• 2021: Company begins expansion into Texas and Oklahoma.
• 2022: Chain reaches a peak of 146 locations across four states; estimated valuation of $1.1 billion.
• September 2025: Approximately 41 underperforming locations close.
• December 2025–January 2026: Existing equity holders contribute roughly $27 million in new capital through a recapitalization.
• January 2026: All remaining Texas and Oklahoma restaurants close.
• August 3, 2026: Sole member's written consent authorizes the chapter 11 filing and appoints Douglas J. Brickley as CRO.
• August 4, 2026: And Go Concepts, LLC and four affiliates file chapter 11 petitions in the Southern District of Texas; debtors file a motion to sell lease-portfolio assets to Boersma Bros, LLC.
• August 5, 2026: Debtors close their approximately 70 remaining Arizona and Nevada locations; the court signs the order for joint administration.

Frequently Asked Questions

Who is the claims agent for And Go Concepts (Salad and Go)?

Kroll Restructuring Administration LLC serves as claims, noticing, and solicitation agent, under the retention authorized by the debtors' sole member on August 3, 2026.

What happened to Salad and Go's restaurants?

The debtors had already closed more than 70 Texas and Oklahoma locations over the prior year, and closed their remaining approximately 70 Arizona and Nevada restaurants on August 5, 2026, the day after the chapter 11 filing.

Who is buying Salad and Go's real estate leases?

Boersma Bros, LLC, a subsidiary of Dutch Bros, agreed to acquire leases and related site assets at 51 Arizona and Nevada locations for $105 million, plus 14 additional Texas and Oklahoma leases for a nominal $50, subject to bankruptcy court approval. The purchase does not include the Salad and Go brand or other intellectual property.

For related restaurant-sector chapter 11 coverage, see ElevenFlo's reporting on Neighborhood Restaurant Partners' Applebee's franchise filing, One Table Restaurant Brands' liquidating plan, The Little Mint's Hwy 55 restructuring, and Francesca's Holdings' 363 sale and liquidating plan.