Chain opens familiar chapter with latest bankruptcy filing.PRANDIUM Inc.'s negotiations to sell its 14-unit Hamburger Hamlet Hamlet Tragic hero who tarries and broods over revenge and suicide. [Br. Lit.: Hamlet] See : Indecision Hamlet introspective, vacillating Prince of Denmark. [Br. Lit. chain to Fuddruckers Inc. fell through last week, forcing the parent to place the troubled operation under the protection of the bankruptcy courts bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. . Hamburger Hamlet Group filed for Chapter 11 protection in Wilmington, Del., according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a Prandium filing with the Securities Exchange Commission. It marks the third time in two years a deal to sell the chain has fallen through and the third time in seven years it has declared bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most . In the SEC filing, Prandium's chief executive, Hugh Hilton, said Prandium continues to "seek strategic alternatives" to sell "substantially all its assets." Neither Prandium nor Fuddruckers officials returned calls seeking comment. Hamburger Hamlet Group joined Prandium's two other restaurant groups, Koo Koo Roo and Chi-Chi's, in seeking bankruptcy protection. Koo Koo Roo and Chi-Chi's have been operating under bankruptcy protection since Oct. 8. Michael Cannon, owner of the Fuddruckers chain, told the British trade magazine The Publican publican [Lat.,=state employee], in ancient Rome, man who was employed by the state government under contract. As early as c.200 B.C. there was a class of men in Rome accustomed to undertaking contracts involving public works and tax collecting; the tax collectors in late October that he bid $25 million for the 29-unit Koo Koo Roo chain and the Hamburger Hamlet locations and intended to convert them into Fuddruckers. "I would expect that we would double the size of our operations in the U.S. in the next two to three years," Cannon told the Publican. There are 200 Fuddruckers in the U.S., with 13 in California and three in L.A. County. It is still offering $4 million for Koo Koo Roo, whose operations are limited to California, according to Prandium's filing with the SEC. The company said in an earlier October filing with the SEC that it had a non-binding letter of intent to sell Chi-Chi's to a group led by music promoter Jack Utsick. "Whether Hamburger Hamlet works as a concept is questionable," Randall Hiatt, principal with Irvine-based restaurant consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a Fessel International. "They have some choice Westside locations but they weren't worth the price that was being asked." In its bankruptcy filing, the Hamlet Group did not specify asset or debt levels, listing each only as between $10 million and $50 million. "My guess is that Prandium will fade away Verb 1. fade away - become weaker; "The sound faded out" dissolve, fade out change state, turn - undergo a transformation or a change of position or action; "We turned from Socialism to Capitalism"; "The people turned against the President when he stole the ," Hiatt said. "It's been on the ropes for a long time, so it's not too surprising it's finally gone over the edge." |
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