The company Perkins & Marie Callender LLC has given a statement informing that it has filed for Chapter 11 bankruptcy protection this Monday, having closed twenty nine restaurant locations just a day before.
On Monday the company based out of the Memphis, Tennessee announced that sell its Perkins’ business and a segment of its Foxtail bakery business, which supplies to its restaurants and distributors to “Perkins Group LLC” is being planned to be sold. A court- supervised auction in lieu of this arrangement referred as a stalking horse bid; is expected to take place in September this year.
The Marie Callender’s restaurants are continued to be discussed by the company with potential buyers and investors currently.
In the company’s statement it detailed further about the restaurants informing that on Sunday 19 Marie Callender’s and 10 Perkins closed as a part of restructuring. As many as 1,190 employees have been impacted by this decision, as revealed by the court records. Although, till Monday the list of the restaurant locations were unavailable.
President and CEO of Perkins & Marie Callender’s LLC, Jeff Warne, in a statement shared that their eventually they intent to keep the disruption to a minimal ensuring that the process of sale is seamless to their employees, vendors and guests, as much as possible.
In bankruptcy loans, $7.75 million has been secured by the company, which hasn’t filed for bankruptcy for the first time. Founded in the year 1958, Perkins has once already filed for bankruptcy in 2011. The decline in sales across the family- dining and casual- dining industries had caused a fall in the company’s sales in 2017 and 2018, the company outlined during the filing of Bankruptcy this Monday. It also mentioned statutory increases in labor costs and an increasingly tight labor market as other factors leading to the situation.
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