TOMS Kings bankruptcy yields bids for 82 of its 90 Burger King units

Four Bidder’s potential deals await Ohio bankruptcy court approval
TOMS King Holdings LLC, a major franchisee of Burger King in the US, has received bids for 82 out of its 90 locations, according to court documents. The company had filed for Chapter 11 bankruptcy protection earlier this year and conducted a sale auction in March. The potential deals for the locations are awaiting approval from the Ohio bankruptcy court after a meeting with creditors. DC Burger is leading in bids for 37 restaurants in Virginia, Karali Group won the auction for 27 restaurants in Ohio and Pennsylvania, Corporate Burger King was the winning bidder on 17 locations in Illinois, Ohio, and Pennsylvania, and Restaurant Concepts bid on one location in Pennsylvania. The bankruptcy filing was made in the US Bankruptcy Court for the Northern District of Ohio. Another franchisee, Meridian Restaurants Unlimited LC, based in South Ogden, Utah, and operating approximately 120 Burger King restaurants across nine states, also filed for bankruptcy protection in March. The filing was made in the US Bankruptcy Court Utah District in Salt Lake City. Meridian operates restaurants in Arizona, Kansas, Minnesota, Montana, Nebraska, North Dakota, South Dakota, Utah, and Wyoming. Restaurant Brands International (RBI), the parent company of Burger King, stated during an earnings call in February that they would be accelerating a portion of their planned $400 million investment in the US business, as they anticipated some franchisees leaving or repositioning their portfolios. As of December 31, RBI had a total of 19,789 Burger King restaurants worldwide and also owned other brands such as Tim Hortons, Popeyes Louisiana Kitchen, and Firehouse Subs.

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