South Florida Business Journal:
The largest T.G.I. Friday’s franchisee in Florida has completed the sale of its 11 restaurants in Florida and five in New York for about $14.5 million along with the restructuring of $20 million in debt.
CCI, whose principal is James Cosentino, sold off the restaurants to SRAC Holdings, an affiliate of New York-based private equity company Cerberus Capital Management. CCI filed for Chapter 11 bankruptcy protection on Aug. 19, 2007.
“We filed 19 companies, 18 of them operated restaurants. One restaurant closed pre-filing, then we closed the one in West Palm Beach,” said Adam Marshall, the attorney who handled the bankruptcy case.
A T.G.I. Friday’s in Jensen Beach, which closed earlier this month, was not part of the deal.
“It was a difficult market to sell just one store, so it made sense to shut down the location,” Marshall said.
Logo from T.G.I. Friday’s.
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