Frisch’s Big Boy is in major financial trouble as more than one-quarter of the Cincinnati, Ohio-based quick-service chain’s locations face imminent closure surrounding multiple lawsuits over unpaid back rent from landlords.
According to the Cincinnati Enquirer, at least 20 locations out of the company’s remaining 80 restaurants are subject to eviction after failing to pay more than $4.5 million in rent, according to lawsuits filed in Hamilton and Clermont counties in Ohio. On Tuesday, a Clermont County judge ordered that two of the restaurants must vacate the premises, while the remaining eviction hearings are scheduled this week or later in November, according to WKRC.
These latest troubles emerged after several other Frisch’s restaurants abruptly closed their doors this spring in Ohio and Kentucky, though owner NRD Capital and Frisch’s CEO James Walker told The Cincinnati Enquirer at the time that, “there was no plan to close more stores.” Despite this assumption, Frisch’s now faces a fresh new round of closures due to the multiple eviction lawsuits filed this month.
"Due to unforeseen circumstances and various other factors, Frisch’s Big Boy Restaurants will be closing certain locations,” the company said in a statement sent to media. “We look forward to serving our loyal and beloved Frisch’s customers at other locations and apologize for any inconvenience."
The recent court documents were filed by real estate investment trust, NNN Reit, which owns 66 of Frisch’s locations and also acts as the company’s landlord for most of its properties in a sale-leaseback arrangement. Court documents indicate that these locations have not been paying rent since February.
Frisch’s was first acquired by private equity fund, NRD Capital, in 2015 for $175 million. NRD Capital also has investments in Fuzzy’s Taco Shop, and the restaurant POS system, Qu. The following year, Frisch’s went through a rebranding and modernization. Then, in 2022, James Walker was named CEO, when at the time, the company owned approximately 100 restaurants.
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