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Restaurant chain seeks to refinance $16 million in debt
Max & Erma's, a 106-unit casual-dining chain in the Midwest, has filed for Chapter 11 bankruptcy protection to restructure its debt, Nation's Restaurant News reports. A deal to get Max & Erma's through Chapter 11 could include refinancing about $16 million in debt, which officials said could be done within a matter of days, or a plan to restructure through the sale of corporate restaurants to franchisees, which could take months.
Max & Erma's and its sister business, the 50-unit Damon's barbeque chain, are both based in Columbus, Ohio, and owned by G&R Acquisitions Inc., a Pittsburgh-based firm led by restaurateur and developer Gary Reinert Sr. Last year he purchased Damon's for an undisclosed sum, and Max & Erma's, which was then a public company, for about $10 million.
“The [Max & Erma's] stores themselves are healthy and cash-flow [positive],” a Reinert representative told NRN. “But when you owe $16 million, I think you can kind of see yourself what happened.”
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