Last week, California Pizza Kitchen canceled its auction after no worthy bidders came forward to buy the casual-dining chain. The result: The company will likely end up in the hands of its lenders.
That came the same week that Ruby Tuesday started its bankruptcy process with a plan that hands the keys to the chain to its lenders.
Such deals are far from uncommon and totally understandable. But its indicative of the state of the business that once-venerable chains cant even scrounge up bidders to help fuel bankruptcy auctions.
Indeed, several companies that have filed for bankruptcy since the pandemic have ended up sold in credit bids. CraftWorks, the owner of Logans Roadhouse and Old Chicago that declared b…
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