- RFI Ventures was supposed to buy 23 stores in Orlando, Florida, from Sailormen, according to a purchase agreement signed this summer.
- On July 12, the closing date, RFI sent a letter to terminate the agreement due to reported HVAC and equipment issues within the restaurants, according to the complaint.
- But Sailormen said that the termination wasn’t in compliance with the agreement.
A bankrupt Popeyes operator is looking to keep $2.5 million from a botched sale of 23 Orlando-area restaurants this summer.
Sailormen, a 136-unit franchisee that filed for bankruptcy in January, sued RFI Ventures to keep the escrow funds after RFI backed out of a deal this summer. Sailormen sued RFI, which backed out of the sale and wants its $2.5 million returned. But Sailormen claims it’s under no obligation to do so.
According to the asset purchase agreement signed in June, those funds “constitute a forfeitable deposit retainable by Sailormen as liquidated damages,” the complaint states…