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A company operated by Marcus Jundt has a $27 million stalking horse bid to buy the struggling casual-dining chain.
The chain's to-go and catering business has surged, while dine-in business has fallen.
Restaurant operators can learn a lot from the decisions that led the chain to file for bankruptcy, says RB’s The Bottom Line.
The high-volume operation is trying a smaller version of its namesake brand while preparing its new fast-casual concept for growth.
The company closed an additional 15 locations and is up for sale, blaming overly aggressive growth, cost cuts and a stock buyback for its poor finances.
These chains grew sales enough to make it onto this year’s ranking.
This upscale full-service segment is thriving while some in casual-dining sputter.
Lawsuits between the chain and former Chief Executive Jim Kuhn paint a picture of a company that grew too fast, then cut too many costs to survive, says RB’s The Bottom Line.
The struggling casual-dining chain appointed a restructuring specialist as CEO and said a bankruptcy filing is possible.
The board of directors said that the $11.75-per-share proposal “dramatically undervalues the company.”
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