CHICAGO-The franchise owner of 33 Applebee's restaurants, which recently filed for bankruptcy, says it plans to close eight locations in the Chicago area.
On April 22, AppleIllinois LLC filed for bankruptcy in the Eastern District of Kentucky. Dan Smith, a spokesman for the firm, says the company plans to sell its franchise rights and its assets, including its restaurants, as part of the bankruptcy proceeding, according to the Chicago Tribune. He adds that more restaurant closures may be in the offing.
Due to state regulations regarding potential mass layoffs, AppleIllinois informed the state of Illinois of potential layoffs totaling more than 1,700 in Cook, DeKalb, Kane, Kendall, DuPage, Lake, McHenry and Will counties. However, Smith says he expects there will be interest in buyers for the firm's franchise rights that would possibly avert more restaurant closures. See story in the Chicago Tribune.
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