Perkins & Marie Callender’s bankruptcy filing may be condition of sale
Family-dining brand says it is in the ‘process of being sold.’
Nancy Luna, Nation's Restaurant News
Jun 07, 2019
Perkins & Marie Callender’s Inc. has put itself up for sale and could file for bankruptcy protection as a condition of any deal, a company spokeswoman said Friday.
“Perkins & Marie Callender’s is in the process of being sold,” company spokeswoman Vivian Brooks told Nation’s Restaurant News in a statement. “While there is a possibility that a buyer may avail themselves to a legal/financial provision in the bankruptcy code that would allow them to acquire the company free of certain liabilities and obligation, it is important that a possible bankruptcy filing be viewed in this context rather than a financial necessity due to performance issues.”
Private investment funds managed by Wayzata Investment Partners LLC are the majority owners of Memphis, Tenn.-based Perkins, which operates two family-dining brands: Marie Callender’s and Perkins Restaurant & Bakery.
Brooks emphasized that any possible bankruptcy filing is not a reflection of the financial performance of both brands. She said Perkins’ year-to-date same store sales are up 5.1%, while guest traffic is up 3.9%. Year-to-date same-store sales at Marie Callender’s, the company’s smaller brand, are up 6.9% with guest traffic up 5.4%, she said.
The company also owns Foxtail Foods, a manufacturing arm with three plants that produce baked goods for foodservice and retail distribution...