SBH Foods Acquires Bankrupt Popeyes Locations in Orlando
SBH Foods has acquired 23 bankrupt Popeyes locations in the Orlando area for $2.7 million, stepping in after an earlier deal with RFI Ventures fell through. The restaurants were part of Sailormen, a franchisee that filed for Chapter 11 bankruptcy protection due to heavy debt and liquidity issues. In total, 97 out of Sailormen’s original 136 Popeyes locations have been sold in recent auctions. Most went to Pulse Restaurant Group for $2.7 million, while Popeyes corporate is acquiring 16 Miami-area units for $9.6 million. Three West Palm Beach locations are being bought by 61 Biscuits for $1.11 million. Sailormen had filed for bankruptcy in January with approximately $130 million in debt and faced mounting pressure from landlords, vendors, and its lender.
Topics: bankruptcy franchising restaurant industry