The Orlando company listed assets and liabilities of $45 million each. The franchisee filed for protection from creditors following the Sept. 11 terrorist attacks. Weekly revenue dropped to $700,000 from $1.1 million, according to the company's filing.
One of the largest creditors is Cypress' main food supplier, MBM Corp. of Rocky Mount, NC. MBB is owed $1.4 million.
David Milhausen took over as Cypress chief financial officer Oct. 1. The company has 2,000 employees. Denny's parent is Advantica Restaurant Group Inc. of Spartanburg, SC which franchises 1,600 restaurants.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
