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...

 

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https://www.nrn.com/family-dining/perkins-marie-callender-s-bankruptcy-filing-may-be-condition-sale