Burger chain Fuddruckers Inc. and its parent, Magic Brands LLC, filed for Chapter 11 bankruptcy protection Wednesday to ease the sale of its assets to Tavistock Group.
Tavistock Group, a private-equity firm that owns other restaurant companies, has agreed to pay $40 million for the company, including the Koo Koo Roo restaurant brand.
None of the 135 franchisee-owned Fuddruckers restaurants are included in the filing. More than 200 restaurants operate under the Fuddruckers name. The company plans to close 24 of the corporate-owned Fuddruckers by April 30.
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