American Blue Ribbon Holdings LLC, which filed for Chapter 11 bankruptcy protection in January, has emerged from the debt reorganization as two separate companies, the Nashville, Tenn.-based parent of Village Inn and Bakers Square restaurant chains and baked-goods manufacturer Legendary Baking said Monday.
One of those companies VIBSQ Holdings LLC, will operate and franchise the restaurants — 21 company-owned and 118 franchised Village Inn restaurants, and 14 company-owned Bakers Square restaurants. The other company, Legendary Baking Holdings LLC, owns and operates Legendary Baking, which has consolidated all of its operations in a 60,000-square-foot facility in Chaska, Minn.
“The confirmation of the Plan by the Court results in a healthy capital structure and foundation for each of the businesses to optimize their value,” American Blue Ribbon Holdings CEO Craig Barber said in a statement. “The emergence of the businesses from the reorganization process is especially rewarding given the challenges since March with COVID related restrictions. We look forward to fulfilling a singular focus on delivering value for the benefit of all stakeholders, including our customers, employees, franchisees, suppliers, creditors and owner. We are truly excited for the days and years ahead.”
While O’Charley’s and Ninety Nine restaurants share common ownership and leadership, the restructuring of American Blue Ribbon Holdings did not involve or affect the operations of those two concepts.
At the time of its bankruptcy, American Blue Ribbon Holdings had 159 Village Inn Locations and 22 Bakers Square units. Both are family-dining concepts. Their previous parent, Vicorp Restaurants Inc., based, like Village Inn, in Denver, also filed for Chapter 11 bankruptcy protection, in 2008, and in 2009 sold the chains to American Blue Ribbon Holdings, which was formed by Fidelity National Financial Inc. of Jacksonville, Fla., and Newport Global Advisers of The Woodlands, Texas.
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