CHICAGO — A chain of chicken restaurants that made national headlines in 1993 when seven employees at one of its suburban Chicago stores were killed has filed for Chapter 11 bankruptcy protection.
Brown’s Chicken & Pasta Inc. filed on Tuesday — two months after a DuPage County judge ordered the company to pay more than $800,000 to a former vice president and minority shareholder who’d filed a wrongful termination lawsuit.
"They couldn’t pay the judgment," said the company’s attorney, Richard Golding, who said that $300,000 of that amount was due by Tuesday of this week. "It would have made the company insolvent."
In its petition for bankruptcy, the Elmhurst-based company said that while it had assets between $100,000 and $500,000, it also had 50 to 99 creditors and liabilities of as much as $10 million. http://www.sj-r.com/break...-Chapter-11-bankruptcy
PS I hope this is posted in the right place, I couldn't find it on (http://www.roadfood.com/Restaurants).
The entire thing about what is a chain or not a chain is very confusing.
<message edited by Dr of BBQ on Thu, 12/31/09 12:07 AM>