Owner Of Orlando Church’s Chicken Files For Bankruptcy

Milwaukee Business Journal:

The owner of 15 Church’s Chicken fast-food locations in the Orlando and Tampa Bay areas is seeking bankruptcy court protection.

Quick Service Foods-Tampa Inc. filed a Chapter 11 bankruptcy petition Feb. 29 in the Florida Middle District, claiming assets between $10 million and $50 million and liabilities of $10 million or less. The company employs about 320 people.

Its major secured creditor is GE Capital Franchise Finance Corp., owed about $5.1 million.

Quick Service Foods, owned by Ford Reihani, cites the rising costs of fuel and slumping 2007 sales of $11 million – down 10% from the previous year – as reasons for the reorganization, according to court records.