Waffle House owner to buy Nashville franchisee
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NASHVILLE (AP) - The parent owner of Waffle House restaurants, Waffle House Inc. of Norcross, Ga., plans to buy its largest franchisee, Nashville-based SouthEast Waffles, out of bankruptcy.
In a filing in U.S. Bankruptcy Court in Nashville on Monday, Waffle House plans to spend about $18.6 million in payments to the franchisee's creditors and take control of its 105 restaurants in four states.
The Tennessean reported that Waffle House Inc. will get about $800,000 in cash from SouthEast Waffles.
SunTrust Bank sued the owner of SouthEast Waffles, James L. Shaub II, for what the bank says was misuse of company money for his own gain.
SouthEast Waffles filed for Chapter 11 bankruptcy protection last year.
Information from: The Tennessean, http://www.tennessean.com
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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