Food Industry
Industry: Email Alert RSS FeedWertheim regains control of Little King Rest. Corp
Nation's Restaurant News, Oct 4, 1993
PHOENIX - The founderturned-franchisee of the beleaguered Little King Restaurant Corp. has regained control of the company following his successful bid to buy the company out of bankruptcy.
At a hearing in federal bankruptcy court, Sid Wertheim outbidded four other contestants - including the chain's current owners and representatives of Blimpie - to require control of the 65-unit chain.
With the help of an outside investor, Wertheim bought the Omaha, Neb.-based company out of bankruptcy for slightly more than $1 million, according to court documents. He sold the chain for an undisclosed sum to an Arizona development company in November 1992. About a year later the company filed a Chapter 11 bankruptcy petition amid complaints from franchisees and employees that management did not know how to run the concept.
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Wertheim, who was being sued by Little King for failure to pay advertising royalties, does not intend to fire anyone in corporate headquarters.
"All they were doing was following orders," Wertheim said of the company's suit against him.
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