Food Industry
Industry: Email Alert RSS FeedLJS wins court OK to sell sums units, reject leases
Nation's Restaurant News, July 27, 1998
LEXINGTON, Ky. - Long John Silver's received approval from the bankruptcy court overseeing its Chapter 11 case to sell seven of its restaurants and one undeveloped site for about $2.5 million and to reject 65 restaurant leases and eight subleases.
The company filed for bankruptcy in Wilmington, Del., last month and immediately closed 72 of its 1,400 quick-service seafood outlets.
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The court also approved the hiring of Donaldson Lufkin Jenrette Securities Corp. as a financial adviser and Gilbert Sanborn as a consultant, despite objections from the U.S. trustee that Sanborn could be biased because of his previous work for the company.
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