Golden Restaurants Files Bankruptcy
July 29, 2009
A portion of the country’s largest Hispanic owned businesses filed for Chapter 11 bankruptcy in Fort Worth recently. Golden Restaurants, which operates 50 Golden Corral restaurants in six states, is seeking protection in bankruptcy court in order to keep the business open and running, according to an article in the Dallas Morning News.
The company, controlled by CG Management which is owned by Guillermo Perales, follows other franchises owned by the management company into bankruptcy court.
Attorneys for the restaurant companies say that the filing comes to protect the businesses from a judgement that stemmed between an assault that occurred at a Burger King in Euless in 2004. A jury awarded the victim in that case $800,000 in 2007, and Metro Restaurants, which owned the Burger King, filed a Chapter 7 liquidation bankruptcy in July of last year.
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