The parent company of Perkins, the family restaurant chain that stretches across 32 states, declared bankruptcy for the second time since 2011 and will be sold, apparently ending its ownership by a Wayzata investment firm.
Perkins & Marie Callender's Holding LLC listed between $50 million and $100 million in assets and liabilities that exceeded $100 million in filing documents Monday in U.S. Bankruptcy Court for the District of Delaware.
Wayzata Investment Partners became the majority owner of the Memphis-based company after its last trip through bankruptcy court. A representative of the firm didn't return a call for comment Tuesday.
Perkins & Marie Callender's said in its bankruptcy filing that it had tentatively lined up a buyer, called Perkins LLC. The owners of Perkins LLC were not identified.
The company said in the filing it is considering holding an auction "in the event that additional qualified prospective bidders desire to bid."
In addition to restructuring its debts to make a sale happen, Perkins & Marie Callender's said it closed 29 restaurants that it said were "underperforming." Ten were in the Perkins chain, which now has 342 units, and 19 in Marie Callender's, which has 28.
In a statement, Perkins & Marie Callender's chief executive Jeff Warne said the restructuring was designed to "minimize disruptions and ensure that the sale process is as seamless to our guests, employees, and vendors as possible."
It said it lined up debtor-in-possession financing with its existing lenders to keep its restaurants, bakeries and supply operations running during the restructuring period.
In the Twin Cities, Perkins recently closed locations in Minneapolis and Bloomington. It has 50 locations in Minnesota, with about 30 in the metro area.