The Perkins and Marie Callender’s Inc. filed papers requesting Chapter 11 bankruptcy protection. The company is owned by New York based Castle Harlan Inc., and runs over 600 restaurants in the Midwest, Florida and Pennsylvania along with locations in Canada and Mexico.
Perkins and Marie Callender’s Inc. listed $290 million in assets, and have liabilities close to $490 million. The company states that the rising price of staples like milk, sugar and eggs combined with the decreased revenue in its primary markets have necessitated the bankruptcy filing. They have filed for Chapter 11 protection which will allow them to reorganize. They have also named 11 affiliates in the suit.
Any corporation or small business that finds they are underwater can get the advice of a bankruptcy attorney to outline their options for debt relief.
High unemployment and foreclosure rates in Florida, one of the companies’ main markets, have caused a decrease in disposable income. People often hire bankruptcy lawyers to alleviate their debts when faced with foreclosure, unemployment or underemployment.
The Perkins and Marie Callender’s Inc. isn’t the same company who owns the frozen foods line also named Marie Callender’s.
There are a number of options available for the individual or a business that cannot satisfy their debts. A bankruptcy attorney will know what works best for their client. Bankruptcy can give a person the opportunity to get a fresh start and recover from the burden of too much debt.
