NEW YORK -- Restaurant owner Perkins & Marie Callender’s is seeking Chapter 11 bankruptcy protection.
The owner of Perkins Restaurant & Bakery and Marie Callender’s chains cited the weak economic climate, particularly in Florida and California, where many of its restaurants are located.
Documents filed Monday with the United States Bankruptcy Court in Delaware indicated the company could not afford to build new restaurants and upgrade existing ones, so it lost traffic to better funded restaurant competitors.
The Memphis, Tenn., company says it had assets of about $290 million and liabilities of $440.8 million. Top creditors include The Bank of New York Mellon Trust and law firm Gibson Dunn & Crutcher LLP.
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The company has 160 owned and 314 franchised Perkins restaurants and 85 owned and 37 franchised Marie Callender’s.
The Perkins restaurants in Bradenton, Sarasota and Venice are not affected by the filing, as they are owned by Northcott Hospitality, a franchisee based in Minneapolis, said spokesman Paul Kirwin.
Operations at the local restaurants will remain unchanged, Kirwin said.