CN Holdings, LLC, an Idaho Falls, Idaho-based Firehouse Subs franchisee, filed for chapter 11 bankruptcy protection on March 23, in the District of Utah.
The company operates Firehouse Subs restaurants across southeast Idaho, in Idaho Falls, Pocatello, and Ammon, and northern Utah, in Layton and Salt Lake City. The franchisee operated 11 Firehouse Subs restaurants at one point, but according to court documents, has since closed at least one.
Owners Chris Morris and Natalie Bosworth plan to sell unprofitable locations and restructure the remainder of the portfolio. Court documents do not state specific reasons for the filing, but the company took on a significant amount of debt following the delayed construction of two new restaurants. As of March, the company lists assets between $0 and $50,000, and liabilities between $1 million and $10 million to less than 50 creditors…