“The fact remains that following a routine audit, the SRH Board determined that actions by Mr. Lofgren constituted cause for his termination as Chief Executive Officer.” Bain Capital and Sustainable Restaurant Holdings chose not to respond to specific claims made within the lawsuit. You don’t have to be Jiro Ono, the sushi master in the 2011 documentary “Jiro Dreams of Sushi,” to turn out a maki roll with your own two hands. After working in Destin for many years, Bamboo was founded in October 2007 by Joe Rice and Danny Ledford. : Quickfish. Hawaiian Food, American and Japanese Food. SRH has also received a commitment for up to USD 1.9 million (EUR 1.8 million) in debtor-in-possession financing led by the Bain Capital Double Impact fund. Alberta St., Portland, 503-889-0336 Lofgren’s amended complaint is yet another attempt to manipulate and pressure Sustainable Restaurant Holdings (SRH) into paying him money he is not owed,” a statement from Sustainable Restaurant Holdings reads. Bain Fund Invests in Bamboo Sushi Parent April 12, 2018 Finding the Right Location in Today’s Changing Restaurant Landscape March 9, 2018 How to Identify Locations, Choose a Site, and Negotiate a Lease March 9, 2018 // . He says he was unaware of the change because he was traveling. Bamboo Sushi has received broad acclaim throughout the restaurant industry for its focus on sustainability and deep commitment to environmental and social change through its food. Lofgren was removed from his position as CEO in March 2020 and is suing the company for USD 4.7 million (EUR 4.3 million), alleging Bain of attempting to “loot the corporation,” according to Bloomberg Law. As first reported by the Portland Business Journal, Lofgren is suing Bain Capital’s Double Impact Fund and fund manager Christopher Cozzone for defamation and breach of fiduciary duty, among other things. Each Bamboo Sushi location serves a menu of signature sushi rolls, traditional nigiri, and Japanese-inspired plates to share. Not sure what any negative service reviews were about as we were greeted quickly and with a smile. The lawsuit says that, by April 2019, Lofgren felt obligated to agree to give a portion of his ownership shares to Bain to secure the capital to expand. In the Portland area alone, there are five Bamboo Sushi locations, plus two Quickfish locations. Bamboo Grille, Wailuku. SRH reported about USD 18 million (EUR 16.6 million) in revenue in 2019 and listed between USD 1 million and USD 10 million (EUR 924,500 and EUR 9.2 million) worth of liabilities in its bankruptcy filing. The world’s first sustainable sushi restaurant. You may unsubscribe from our mailing list at any time. Bain Capital Double Impact Fund owns about 35% of the company’s shares, while founder Kristofor Lofgren owns about 42%, according the bankruptcy petition filed in Delaware. At Bambu, "traditional" and "conventional" are not the words we use to describe our menu — we hope that "delicious," "unique" and "satisfying" are. Abhi Sainju, a native of Nepal who has operated Everest Sushi catering, is the executive chef. Today, he owns Bamboo Sushi, a cozy, stylish eatery that's been rated as the most sustainable seafood restaurant in the U.S. Bain has thus far invested USD 15 million (EUR 13.9 million) into SRH and has been trying to sell the business since March, according to Bloomberg. Shiny bamboo poles grace the little tangerine-colored foyer, while the walls of the dining room segue from soothing yellow-green to blue-gray and are punctuated by a streak of recessed red light. From a terrace at the Japanese Garden framed by bonsai and maples, on the evening of August 23, the Portland elite gazed down on the city they run. Then, we can get the sushi rolling. Bain Capital Double Impact Fund owns roughly 35 percent of SRH, with former CEO and founder Kristofor Lofgren owns around 42 percent, according the bankruptcy petition filed in Delaware. “We try to be a really great restaurant, using simple, fresh ingredients and items off the grill,” said Rand, who owns the restaurant with his father and wife, Danielle. As a young woman, I was fortunate enough to travel to Hong Kong and experience the taste of Chinese food far beyond my own imagination. Our restaurants showcase a full cocktail program as well as a exciting saké selection. Hello, My name is Yin Thong, owner of Bambu. We encourage you to see and taste a variety of dishes and pass them around the table. Sortis also helped bring Rudy's Barbershop out of bankruptcy this year. Environmentalist and UC Berkeley grad Kristofor Lofgren moved to Portland, Oregon, in 2006 to go to law school. We also offer a sushi bar that has a robust selection of fresh sushi options. Back in 2018, SRH agreed to accept $15 million from Bain Capital “in exchange for a 23% ownership interest in the company,” the lawsuit reads. SRH, which operates Bamboo Sushi and QuickFish, announced its “plan to restructure the business and find new capital in an effort to proactively address the impact of the COVID-19 pandemic,” the restaurant group said in a press release. “Our goal is to emerge from this process as quickly as possible with a strengthened balance sheet and the necessary capital to rehire our furloughed employees and resume operations at our restaurants whenever it is safe to do so,” Park added. In July, the firm acquired Sustainable Restaurant Group, which owns Bamboo Sushi and declared bankruptcy in May. 20-25,000Square feetNationalMarketPuttshack is part of a ground-breaking social entertainment brand founded by Adam Breeden, founder of Acebounce and co-founder of Flight Club and Steve and Dave Jolliffe, founders of Top […] Can be customized according to your needs, we also have bamboo stick bamboo steamer etc, welcome to contact us. Portland, Oregon, U.S.A.-based Sustainable Restaurant Holdings (SRH), has filed for chapter 11 bankruptcy. Bamboo Sushi. We are family friendly and want you to feel welcome from the moment you walk through our door. Sustainable Restaurant Holdings, Inc. d/b/a Bamboo Sushi (“Bamboo Sushi” or the “Company”), based in Portland, Oregon with locations primarily in the Northwest, Bamboo Sushi owns and operates the world’s first certified sustainable sushi restaurants. This didn’t seem to concern the folks at Bamboo Sushi when they started to look for funding. I grew up in a small village in Vietnam with the rich tastes and flavors from my ancestor's cooking. “We served about 500,000 meals in Portland last year and are working tirelessly to serve Green Machines and other signature dishes as we move through this unexpected crisis. var switchTo5x=true; But Bamboo Sushi isn’t just widespread; the company has aimed to be a leader in the environmentally friendly seafood movement and claims to be the world’s first certified sustainable sushi restaurant. Visit website “ Bamboo Sushi is a restaurant of change; through our food, our service and our spirit we are offering a dining experience that seeks to inspire. We had a great time. As a result, during the last several weeks, we diligently explored all available options to address our financial situation and preserve the long-term viability of SRH.”. Based in Portland, Oregon with locations primarily in the Northwest, Bamboo Sushi owns and operates the world’s first certified sustainable sushi restaurants. COVID-19 has required the company to limit restaurant operations and has “significantly affected its ability to generate revenue,” Sustainable Restaurant Holdings said. A great meal of sushi rolls and chicken teriyaki. • Lawsuit against Bain Capital [Official]• Ousted as CEO, Bamboo Sushi founder sues Bain Capital fund over alleged ‘hostile takeover’ [PBJ]• Bamboo Sushi founder raises the stakes in legal fight against investor Bain Capital [PBJ]• Bain Capital Has Invested in Bamboo Sushi — Here’s What That Really Means [EPDX], Lawsuit Claims One of the World’s Most Notorious Private Equity Firms Is Seizing Control of Local Chain Bamboo Sushi, Sign up for the The restaurant is … Then add in the avocado and roll the nori. Then-creative director Cory Schisler called Double Impact the “the hippie flower children within Bain Capital,” saying that the fund seemed genuinely interested in Bamboo Sushi and Quickfish’s mission of creating scalable, “ocean-to-table” seafood chains. Portland's restaurant scene took another hit this week as Sustainable Restaurant Holdings, the holding company for restaurants Bamboo Sushi and Quickfish, filed for Chapter 11 bankruptcy protection. Welcome to my restaurant! “We are facing the same challenges as many other consumer-focused businesses, especially those in the restaurant industry,” SRH President and Interim CEO Matthew Park said. US seafood restaurant chain Rubio’s Restaurants files for bankruptcy, Restaurant losses called “catastrophic” as Darden’s sales plummet, COVID-19 forcing more US, UK seafood restaurant closures, Bumble Bee hoping to pay executive bonuses, over objections of creditors, DSAR Requests / Do Not Sell My Personal Info. We look forward to emerging from this process as a stronger company and continuing our business relationships for many years to come.”. We wanted to do something different in the area, but still bring the same high quality ingredients without the high prices. Lofgren also claims Bain went back on its word by withholding funds unless the firm received additional shares in the company, pulling directly from the owners’ interests. “Mr. Portland, Oregon, U.S.A.-based Sustainable Restaurant Holdings (SRH), has filed for chapter 11 bankruptcy. Bambu is all about sharing. Bamboo Izakaya: 1409 N.E. The Bamboo Grill serves up the best of Asian food in a very calm and peaceful atmosphere. Bain Capital, the private equity firm co-founded by former presidential hopeful Mitt Romney, hasn’t historically had a good reputation nationally: Once called “the worst of capitalism” by Rolling Stone and “bad for America” by Forbes, Bain was known for buying up profitable companies and stripping them for parts, reorganizing them to make a larger profit. Take your bamboo mat and cover it tightly with some plastic wrap to stop the rice from sticking to the grooves of the mat. newsletter, Shoestring Budgets, Side Gigs, and a Ticking Clock: How Portland’s Unemployed Restaurant Workers Are Struggling to Survive, Extended unemployment benefits are set to expire this month, and Congress hasn’t approved another stimulus package, Where to Find Food and Drinks in the West Hills, Burgers, Bento, Pho, and more between downtown and Beaverton, Indonesian Restaurant Gado Gado was Burglarized Over the Weekend, Plus, Rimsky-Korsakoffee House hits its fundraising goal, and ORLA launches a legal fund for restaurants, suing Bain Capital’s Double Impact Fund and fund manager Christopher Cozzone for defamation and breach of fiduciary duty, Bain Capital that seeks out sustainable businesses like By Chloe, Cory Schisler called Double Impact the “the hippie flower children within Bain Capital,”, Ousted as CEO, Bamboo Sushi founder sues Bain Capital fund over alleged ‘hostile takeover’, Bamboo Sushi founder raises the stakes in legal fight against investor Bain Capital, Bain Capital Has Invested in Bamboo Sushi — Here’s What That Really Means, A New Pop-Up Is Serving Yogurt-Marinated Fried Chicken on Falafel Waffles, Star Oregon Brewer Sean Burke Opens New McMinnville Brewery, 39 Percent of Oregon Restaurants May Close in Six Months Without Federal Stimulus, Study Finds, A List of Portland’s COVID-19-Related Permanent Restaurant Closures. They helped with ordering and explaining menu dishes. One of Portland’s more prolific chains, Bamboo Sushi and its poke-centic, fast-casual sibling, Quickfish, operate locations in Seattle, California, Phoenix, and Denver, as well as Oregon. [CDATA[ You have a choice of either classic American Chinese selections or classic Japanese including Sushi and Sashimi. Yiyang Hexiang Bamboo Co., Ltd: Our bamboo chopsticks are suitable for various Asian restaurants or supermarkets. Want seafood news sent directly to your inbox? In the Muromachi period, people began to eat the rice as well as the fish. 'sword way', 'sword path' or 'way of the sword') is a modern Japanese martial art, descended from swordsmanship (), that uses bamboo swords as well as protective armor ().Today, it is widely practiced within Japan and has spread to many other nations across the world. Park thanked the restaurant company’s suppliers and customers for their outreach and support. © 2020 Diversified Communications. Out east, two sushi restaurants are also finding fresh new clientele — Kissaki in Water Mill, where a sushi robot molds rice, and Bamboo in Southampton, where there’s local fluke sushi … On its website, customers can find an interactive graph of the company’s carbon footprint, breaking down the individual carbon footprints of each fish the company serves. “In this environment, we simply are not able to generate sufficient revenue to meet our day-to-day and long-term obligations. Bamboo Sushi is only open for takeout now as it eases into opening, though diners can eat their to-go food at the restaurant's outdoor patio. Bamboo Sushi founder seeks to change the way people think about seafood. The lawsuit claims Bain Capital postured as a socially conscious investment firm before instituting a “hostile takeover” of Sustainable Restaurant … The lawsuit claims Bain Capital postured as a socially conscious investment firm before instituting a “hostile takeover” of Sustainable Restaurant Holdings, which owns Bamboo Sushi. stLight.options({publisher: "d264abd5-77a9-4dfd-bee5-44f5369b1275", doNotHash: false, doNotCopy: false, hashAddressBar: false}); The history of 寿司(Sushi) began with paddy fields in Southeast Asia, where fish was fermented with rice vinegar, salt and rice, after which the rice was discarded. “We recognize that Bamboo Sushi is an institution in Portland and we take that responsibility seriously. The lawsuit claims that Bain had previously decided the accounting error was simply a mistake, as opposed to conscious fraud: While Lofgren was traveling in 2017, SRH needed about $900,000 in short-term cash, so Lofgren says he asked a banker to take $900,000 out of his account and send it to SRH. Bamboo Sushi is currently stuck in the middle of a legal battle between its former CEO, Kristofor Lofgren, and private investment firm Bain Capital. The Bamboo House is a hidden gem on Harrison ave near 74@Rybolt Rd exit. Bamboo on 2nd serves a Pan-Asian menu boasting noodle bowls, bamboo skewers, sashimi (raw fish), nigiri (raw fish on rice) and small plates like ceviche tacos, poke bowls, tuna tataki and more.Choose from 21 creative sushi rolls ranging from $8 to $16, and wash it all down with sake or locally crafted beer. In a lawsuit against Bain Capital’s Double Impact Fund, former CEO Kristofor Lofgren says the company instituted a “hostile takeover” of his company. 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