Markets
U.S. close in 4 hrs, 56 mins
BUSINESS NEWS
- Market News
- Earnings
- Recalls
- Recession Watch
- Tech News
- Madoff Scandal
- BloggingStocks
- Luxist
- Money Videos
INVESTING
- Stock Quotes
- Stock Charts
- Stock Ticker
- Currencies
- Portfolio
- Stock Screener
- Broker Center
- Mutual Fund Center
- ETF Center
- Money
- 24/7 Wall St.
- Financial Glossary
PERSONAL FINANCE AT WALLETPOP
- Bargains
- Banking
- Budget
- Calculators
- College Finance
- Community
- Credit
- Deals
- Debt
- Economizer
- Food
- Home
- Fraud
- Insurance
- Interest Rates
- Loans
- Mortgages
- Real Estate
- Recalls
- Recession
- Retirement
- Saving
- Simplification
- Specials
- Taxes
SMALL BUSINESS
Max & Erma's files for bankruptcy protection
AP
PITTSBURGH -Max & Erma's Inc. has filed for Chapter 11 bankruptcy protection from its creditors, listing between $1 million and $10 million in debts.
The hamburger and casual dining chain, based in Columbus, Ohio, has 79 company-owned restaurants and 27 owned by franchisees. Most are in Pennsylvania, Ohio and Michigan, though the chain has a few locations in Kentucky and in Chicago, Atlanta and Washington, D.C.
The restaurants remain open.
G&R Acquisitions, which is based in Pittsburgh, bought Max & Erma's for $10.2 million in April 2008.
Documents filed Friday in U.S. Bankruptcy Court in Pittsburgh said Max & Erma's has between 200 and 999 creditors.
Typically, companies file for Chapter 11 protection so they can reorganize or restructure debt without the pressure of paying creditors.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-10-26 13:02:28
COMMENTS ( 0 )