Louisiana Apple, an Applebee’s franchisee with 14 locations in Kentucky, Oklahoma, Indiana, and Arkansas, has filed for Chapter 11 bankruptcy protection following a lawsuit issued by one of its creditors.
City National Bank of Florida alleges the franchisee owes about $8.3 million in debt dating back to September 2020, when an initial loan was made for $7.1 million. CNB claims Louisiana Apple “failed to make payments due since on or about July 28, 2023,” and entered into a forbearance and loan modification agreement earlier this year. That agreement expired in May and CNB alleges the franchisee has failed “and refused” to make any payments.
