Here Are The Popeyes Resturants That Closed in Miami-Based Owner’s Bankruptcy
There are 17 fewer places to get breaded, spicy chicken sandwiches and tenders after the bankruptcy of a Kendall-based Popeyes Louisiana Kitchen franchise owner closed Florida and Georgia stores in January.
That’s about 13% of the 130 stores owned by Sailormen Inc., which filed for Chapter 11 bankruptcy on Jan. 15. The stores were listed in a Jan. 26 filing.
“Chapter 11 of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership.” the federal government’s “Bankruptcy Basics” website explains. “A Chapter 11 debtor usually proposed a plan of reorganization to keep its business alive and pay creditors over time.”
In announcing it would represent Sailormen in the bankruptcy action, Miami law firm Cole Schotz said filing for Chapter 11 bankruptcy “seeks to right size the company to address the $129 million of secured debt which its senior secured lender BMO Bank N.A. and emerge as a stronger franchisee.”
Sailormen’s bankruptcy petition, filed by Cole Schotz’s Luis Salazar and Bradley Shraiberg of Boca Raton’s Shraiberg Page, said the company also has $4.07 million in unsecured debt to the 20 largest companies with claims. Many of these companies supplied food to Sailormen’s resturants.
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As the law continues to evolve on these matters, please note that this article is current as of date and time of publication and may not reflect subsequent developments. The content and interpretation of the issues addressed herein is subject to change. Cole Schotz P.C. disclaims any and all liability with respect to actions taken or not taken based on any or all of the contents of this publication to the fullest extent permitted by law. This is for general informational purposes and does not constitute legal advice or create an attorney-client relationship. Do not act or refrain from acting upon the information contained in this publication without obtaining legal, financial and tax advice. For further information, please do not hesitate to reach out to your firm contact or to any of the attorneys listed in this publication. No aspect of this advertisement has been approved by the highest court in any state.
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