An Arby's franchisee with stores in Wake Forest, Raleigh, Garner, Apex, Cary and Clayton has filed for Chapter 11 bankruptcy in Florida court.
In all, four companies filed for bankruptcy Wednesday: Focus Ten of Tampa, Inc., Focus Ten of Florida, Inc., Focus Ten of Raleigh, Inc. and Focus Ten of Greensboro, Inc.
There are no plans to close any of the stores, which combined employ about 400 people, said attorney Rod Anderson of Holland & Knight LLP, who is representing the companies. All four companies are owned by the same brother and sister team, he said.
The companies plan to reorganize, ask for lease concessions from landlords and make other cost-cutting moves, Anderson said. Of the 25 stores, 11 are in Florida, with another three in Virginia and the remaining 11 in North Carolina.
Click read more for a list of the affected locations in North Carolina.
*1500 E. Williams St., Apex
*1031 N. Harrison Ave., Cary
*11851 U.S. 70 West, Clayton
*1300 Fifth Ave. Garner
*6308 Capital Blvd., Raleigh
*9221 Fairbanks, Raleigh
*5156 US 29 Business, Reidsville
*746 Home Depot Plaza, Rocky Mount
*2104 S. Main St., Wake Forest
*2404 Forest Hills Road, Wilson
Retail reporter Sue Stock came to the N&O in 2004 and has been covering retail and shopping in the Triangle since then. She is the author of the popular
Comments
How do companies walk away from their debts?
Fri, 04/02/2010 - 14:11 — lochmanThe same way people do... bankruptcy. Title 11 of the US Code http://en.wikipedia.org/wiki/Title_11_of_the_United_States_Code allows for financial reorganization (three forms, Chapter 11 for most businesses, chapter 12 for farmers and fishermen and Chapter 13 for individuals) or through Liquidation (Traditional Bankruptcy - chapter 7).
ARby's
Fri, 04/02/2010 - 13:50 — RoroCAFor the life of me, I do not get how a company can basically walk away from their debt.