IRVINE CALIF. —After years in Chapter 11 bankruptcy, the once-trend-setting Spectrum Restaurant Group is in the process of selling off the last of its core group of dining concepts, including MacArthur Park, Prego, Guaymas, and Harry’s Bar & American Grill. In a return to its roots, MacArthur Park in Palo Alto, Calif., for example, was bought by industry veteran and early Spectrum executive Chuck Frank and the 27-year-old restaurant’s ...

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