Hutter’s chief executive, Sal Melili, joins “Kauto: Beach to Coast” to respond to inflation accusing Chipole as 2Q sales disappoints investors.
Huters reported On Monday, that he filed for bankruptcy in Chapter 11 – but that does not necessarily mean he is out of work.
In a press release posted on Monday night, Iconic chain of restaurants He explained that he had concluded an agreement to support restructuring (RSA) with “near unanimous support from key stakeholders”. Chapter 11 Bankruptcy protection allows business entities to restructure their debts as they continue to work.
The contract is aimed at “executing a sales transaction that will facilitate the continuous business of new ownership business”.
“Specifically, the company has reached an agreement in principle with a highly experienced group of current franchises (” Customer Group “) to acquire and manage certain locations of the company owned by the company,” Hutter described.
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Houters filed for bankruptcy in Chapter 11. (Raymond Boyd / Getty pictures)
“The Buyer Group is made up of two existing Footers franchises (including Huters AD, the original founders of Huters), which collectively currently own and operate over 30% of Franchicized Huters’ domestic locations, including 14 of 30 of the highest volume restaurants.”
The news comes more than a month after reports returned in February that Houters was considering applying for bankruptcy. Bloomberg cited debts, problems with liquidity and fewer clients as key reasons for the move.
In a press release on Monday, the CEO of the Huters of America, Sal Melili, pledged that Huters’ restaurants “are here to stay”.
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The CEO of Houters has promised that the chain is “here to stay”. (Brett Komer / Houston Chronicle / Getty Pictures)
“Today’s announcement signifies an important milestone in our efforts to strengthen the Footers’ financial foundation and continue to deliver the guest obsessed experience in hospitality and delicious food expecting our clients and communities,” Melili said in a statement.
“I have seen the incredible value and opportunities our brand brings to life, and I look forward to continuing that intensity well in the future.”
Houters added that he would remain open to serve customers, and restaurants “will continue to work on business-like usually during their cases in Chapter 11”.
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Houters cited debts, liquidity problems and fewer clients as key reasons for bankruptcy, according to Bloomberg. (Paul J. Richards / Afp / Getty Pictures)
“As part of the wider business transformation and planning of the company, Huters assesses the company’s operational impression as part of its financial restructuring process to position itself to invest its resources in the strongest funds advancing forward,” the statement added. “The current operations of the company’s franchise, including its locations outside the United States, are not affected by the Chapter 11 process and will continue to work on the partners of the company’s franchise and license.”
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