A third major Burger King franchisee declares bankruptcy

Premier Kings is the third Burger King franchisee to declare bankruptcy this year. | Photo: Shutterstock. Premier Kings, a 172-unit Burger King franchisee whose owner died in 2022, declared bankruptcy protection, saying that operating losses even after the company closed restaurants forced the issue. It’s the third time this year that a major Burger King…

172-Unit Burger King Franchisee Declares Bankruptcy

Premier Kings, a 172-unit Burger King franchisee, declared bankruptcy in late October after the death of its owner created operational instability. It’s the third Burger King franchisee to enter court proceedings this year. The company was founded in 2009 by Manraj Sidhu. He started with six stores in the Birmingham, Alabama, market and expanded in…

Red Lobster Chain Goes Bankrupt After Unlimited Shrimp Deal

Seafood restaurant chain Red Lobster filed for bankruptcy, succumbing to onerous leases, high labor costs and a disastrous unlimited shrimp promotion. The Orlando, Florida-based company filed for Chapter 11 protection on Sunday, listing assets and liabilities of $1 billion to $10 billion each in its bankruptcy petition. The filing allows the company to keep operating…