Tuesday, August 6, 2019

Latest PEU Bankruptcy Perkins Restaurant and Marie Callendar's


Restaurant Business reported:

The parent of the Perkins and Marie Callender’s family restaurant chains has filed for Chapter 11 bankruptcy protection in anticipation of selling the dual brands’ assets.

Perkins & Marie Callender’s also intends to close additional units, the court documents indicate. It recently shuttered 32 stores, according to media reports.
The company's press release makes no mention of its private equity owners, Wayzata Investment Partners.  Wayzata bought the company in 2011.


Perkins and Marie Callendar's had a total of ten corporations file for bankruptcy on August 5th, according to the Delaware Bankruptcy Court.  

How much did Wayzata take in management/deal fees and dividends/distributions since 2011?  What year did they hit free money in the company, i.e. when the cash pulled from the company exceeded Wayzata's initial equity investment?  I don't think even the bankruptcy judge would know the answer.