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He was succeeded on an interim basis by John Garilli, a liquidation specialist and real estate dealmaker.
Securities documents show that no offer has yet been made, but due diligence is underway.
The operator of Fuddruckers and Luby's Cafeteria will sell off its assets in pieces and then dissolve.
Sales and profits plunged last quarter and many restaurants remain closed, but cost cuts led to improved margins at open locations.
The salaries of the remaining home-office employees have been cut 50%.
The diversified restaurant company posted a net loss for its Q1 despite rises in traffic and sales.
The company posted a decline in comps on a drop in traffic for all three of its restaurant brands and announced an outsourcing of several headquarters functions.
The multiconcept operator has begun the process of evaluating “strategic alternatives.”
Comps slipped by an average of 4% across its three restaurant brands.
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Peter Romeo highlights the moments restaurateurs miss at their own peril
As restaurants begin to reemerge, one year since it all began, Restaurant Business takes stock of the massive changes the virus has brought.