People walk around the pavilions where several products are displayed during the first day of the 21st Havana International Fair in Havana, Cuba on Sunday, Nov. 2. The fair will feature products from more than 600 companies from about 50 nations.
BATON ROUGE – Piccadilly Cafeterias, Inc. agreed Wednesday to sell its assets, including its restaurant operations, to a joint venture formed by TruFoods Corp. and H.I.G. Capital for $54 million.
The sale comes the same day the restaurant operator filed for bankruptcy court protection. Piccadilly operates 145 restaurants in 15 Southern and Mid-Atlantic states.
“Completion of the sale will ensure the continuation of the Piccadilly brand for our loyal guests and ongoing employment for our team members,” said Jack McGregor, Piccadilly’s interim chief executive.
TruFoods operates and franchises Arthur Treacher’s Fish & Chips, Pudgie’s Famous Chicken, Wall Street Deli and BurritoVille. H.I.G. Capital is a private equity and venture capital investment firm.
TruFoods president and CEO Jeff Bernstein said the company intends to keep Piccadilly’s corporate headquarters in Baton Rouge, La.
Piccadilly filed for bankruptcy Tuesday, clearing the way for the sale, which is expected to close in January.
Based on Piccadilly’s debts, company shareholders are not expected to recover any money. The sale is subject to court approval.
Piccadilly shares fell 1 cent to close at 20 cents each Wednesday on the American Stock Exchange.
