Business & Tech
Bankruptcy Could Force Closure of Local Applebee's Restaurants
The owners of 33 Applebee's locations in the Chicago-land area, AppleIllinois, have filed for bankruptcy. The business could close or sell all or some of its restaurants in the coming months.
AppleIllinois, the owner of 33 Applebee's franchise locations across the Chicago-land area, filed for bankruptcy last month, could lead the closure of several of the locations, while 15 others might be sold to another RHM Illinois, according to a Sun-Times Media Report.
AppleIllinois currently owns local Applebee's in Homewood, Mokena, Joliet, Evergreen Park, Tinley Park and other local towns.
Court filings by AppleIllinois list the company's assets between $1 to $10 million, with liabilities listed at the same numbers. In the filings, which were released Tuesday, May 7, the company listed 1,700 jobs it could eliminate at its restaurants by late June.
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As part of the bankruptcy proceedings, the company said that it is authorized to close 'any or all' of its restaurants.
RHM reached a deal to buy 15 of the restaurants, although it is unknown which ones specifically, for $2.4 million. However, AppleIllinois hopes to use that offer to draw other potential buyers to the table. Should other potential buyers emerge, an auction would be held for the company's assets, but no date was set for that potential auction.
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In the filings, AppleIllinois said that it has sufficient funds to run its restaurants through June 10, although time was 'of the essence,' to complete a sale.
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