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Burger King files for chapter 11 ! Taco Bell rules!!!
the 2nd largest Burger King franchize has just gone belly up filing for creditors protection under Chapter 11
the franchise, Ameriking was unable to find the $115 million that became due to its lenders a few months ago.
For the first six months of this year, AmeriKing reported a $22.9 million loss on sales of $177 million.
The company listed $290 million in debts in its court filing today.
As part of their restructuring plan, AmeriKing this week closed 23 Burger Kings leaving the company with 329 stores. More to follow.