70 locations of this beloved burger chain go bankrupt
The deposit will affect the restaurants of the Fast Food Channel in Missouri and Illinois.
Fast burger chainJack in the box just posted hisHighest sales in almost three decades, But noall their locations do so so hot. Missouri Jack, a franchisee that operates 70 locations of the beloved chain of Missouri and Illinois, has just filed bankruptcy because of its debt.
Missouri Jack and Illinois Jack, who has restaurants in the box in their respective states, filed for the bankruptcy of Chapter 11 after the owner was unable to reach an agreement with the National Bank of the City (CNB) on a debt of more than $ 15 million, according toRestaurant Business. (In touch:McDonald's makes these 8 major upgrades.)
On the basis of the judicial documents, the franchisee cited growing competition in fast food activities as well as the CVIV-19 pandemic as the main reasons to situate its loan payments to the NBC. While the company has negotiated a workout with Jack in the box and the NBC for almost a year, it could not affect a case.
The deposit could affect 57 Jack in the locations of the Missouri box and 13 Illinois locations, but closures can not necessarily follow. The submission indicates that the main creditors have provisionally agreed on mediation while the franchisee is subject to the protection of bankruptcy courts.
Although Missouri and Illinois can see Jack in the closures of the box, the company has announced that their franchisees will really expand locations for the first time over a decade, as revealed by the brand's gains account.The strongest sales since 1994.
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