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Perkins & Marie Callender’s Bankruptcy Filing May Be Condition of Sale

Perkins was established in 1958 and is famous for their all-day breakfasts and freshly baked pies. What’s in store for this popular American casual dining restaurant chain? Will they need to claim bankruptcy in order to increase buyer interest?

Photo Courtesy of NRN.

Perkins & Marie Callender’s Inc. has put itself up for sale and could file for bankruptcy protection as a condition of any deal.

Private investment funds managed by Wayzata Investment Partners LLC are the majority owners of Perkins, which operates two family-dining brands: Marie Callender’s and Perkins Restaurant & Bakery.

Perkins’ year-to-date same store sales are up 5.1%, while guest traffic is up 3.9%.

Year-to-date same-store sales at Marie Callender’s, the company’s smaller brand, are up 6.9% with guest traffic up 5.4.

The company also owns Foxtail Foods, a manufacturing arm with three plants that produce baked goods for foodservice and retail distribution.

The company declined to comment any further or specify if its same-store sales reflected systemwide locations, or company outlets.

Perkins Restaurant & Bakery had sales of $592.6 million in its latest year, down from $626.9 million in the preceding year, according to NRN’s 2019 Top 200 research.

Perkins had 356 total units in its latest year. Of those, 239 were franchise locations.

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