Clover restaurants to close down after more than 17 years
The Boston Globe • • business
Key Points:
- Clover Food Lab is facing closure due to inflationary pressures that have increased costs from local farms and throughout its supply chain, making it unsustainable to continue operations.
- Despite efforts to find a buyer to keep the business running, potential acquirers are also struggling with the same economic challenges, leading to the failure of a deal to save the company.
- Founded in 2008 by Ayr Muir, Clover shifted from food trucks to brick-and-mortar locations and emphasized sustainability by using 80% locally sourced ingredients, primarily from New England farms.
- After emerging from Chapter 11 bankruptcy and showing signs of recovery with profitable stores and sales growth, Clover was hit hard by inflation and rising oil prices linked to geopolitical tensions, which severely increased ingredient costs.
- Clover’s experience highlights the difficulties of maintaining a local, mission-driven food business without government support, despite strong community and employee commitment.