*Sailormen Inc., a serious Popeyes Louisiana Kitchen franchisee working greater than 130 areas, has filed for chapter. The Miami-based firm, a completely owned subsidiary of Interfoods of America Inc., cited mounting debt and a collapsed restaurant sale as the primary causes behind the transfer.
The Solar studies that the corporate struggled underneath roughly $130 million in obligations and liquidity pressures. A deliberate $1 million sale of 16 Georgia areas to Tar Heels Spice in 2023 didn’t undergo, leaving Sailormen accountable for continued lease funds. This exacerbated the franchisee’s monetary challenges and led to a lawsuit from its lender.
As well as, Sailormen has confronted a number of vendor lawsuits. One IT companies supplier claims the corporate fell behind on funds relationship again to 2022. Regardless of these points, Popeyes management emphasised that the submitting just isn’t a mirrored image of the broader well being of the model.
Peter Perdue, president of Popeyes US and Canada, stated, “Sailormen has been a profitable, growth-oriented franchise group for a few years in our system. A big majority of their eating places are very worthwhile, in step with our system common (and a few above common). I can confidently let you know that Sailormen’s announcement doesn’t mirror the wholesome unit economics that you’re experiencing in your eating places.”
Perdue additionally famous that almost all of Sailormen’s areas are anticipated to stay open. “I strongly consider we are going to discover success within the core of what we now have all the time been nice at: hand-battered, bone-in hen. We have now the menu and pricing energy to supply our visitors robust, on a regular basis worth choices. And we now have highly effective platforms in tenders and sandwiches that can proceed to ship progress.”
Sailormen beforehand owned much more areas however downsized in 2018, promoting eating places in Alabama, Louisiana, and Mississippi. Whereas the franchisee now works by means of chapter proceedings, nearly all of its Popeyes eating places are anticipated to proceed serving prospects.
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