This week at Nation’s Restaurant News, bankruptcy news dominated the headlines.
Pizza Hut franchisee EYM Pizza L.P. and affiliated companies filed for Chapter 11 bankruptcy protection in the Eastern District of Texas. The filing, which includes related companies in Wisconsin and Indiana, only lists two creditors: Manufacturers Bank, which it owes more than $21 million, and Pizza Hut itself, which is owed just under $2.25 million.
One Table Restaurant Brands, parent company of Tender Greens and Tocaya, also filed for Chapter 11 bankruptcy protection. Together, Tender Greens and Tocaya operate around 40 locations, mostly in California. According to bankruptcy documents, the Los Angeles-based One Table Restaurant Brands has an estimated $10 million to $50 million of liabilities, with under $50,000 of assets, and is considering a sale in the form of an auction or stalking horse bidder.
In bankruptcy-adjacent news, Red Lobster, which filed in May, is set to be purchased by an affiliate of SPB owner Fortress Investment Group. The parent of Logan’s Roadhouse, Krystal, and other concepts is also the seafood chain’s main creditor. The chain also week faced objections to its proposed bankruptcy settlement.
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