ORLANDO-Locally based Cypress Restaurants Inc., Denny’s Restaurants’ largest franchisee in Florida with 41 units, is reorganizing under Chapter 11 of the U.S. Bankruptcy Code. A sister company in Georgia with 10 units is also regrouping under Chapter 11.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.