An Atlanta-based Applebee’s franchisee operating more than 50 restaurants across the South has filed for Chapter 11 bankruptcy, raising questions about the future of dozens of locations in Florida, Georgia, and Alabama.
The filing by Neighborhood Restaurant Partners comes after the company already closed 14 stores over the past year and struggled to find a buyer for the remaining business.
According to bankruptcy documents filed in the Northern District of Georgia and obtained by Penn Live, Neighborhood Restaurant Partners reported assets of $1 million to $10 million and liabilities of $10 million to $50 million. The company also owes more than $13 million to lender Equity Bank…