Under New Ownership, Olga's Hopes to Regain Footing
July 7th, 2016, 9:51 PM
Olga's, the Troy-based, Mediterranean restaurant chain beloved for its snackers, spinach pies, salads and gyro sandwiches, is trying to regain its footing.
Team Schostak Family Restaurants, the company that paid $11.25 million to buy Olga's a bankruptcy auction late last year, is hoping to open 10 to 12 new restaurants, with all but one in Michigan, according to JC Reindl of the Detroit Free Press. One will open in Toledo. The chain currently has 25 restaurants, down from the 35 before the Chapter 11 bankruptcy filing in June 2015.
The company filed for bankruptcy after experiencing significant losses. One big problem: Olga's mall locations were struck by a decline in shoppers during the last recession.
"Olga's Kitchen deserves to be a bigger chain,"executive chairman of Livonia-based Team Schostak Family Restaurants Mark Schostak told the Free Press. "This is a great brand with a lot of great people and it just deserves better and more."
Part of the company's revival strategy involves going back to original recipes made with better ingredients, something that was sacrificed in previous years in an effort to save money on ingredients. They are also working to develop a new logo that will be unveiled in the next two or three years.