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Several Church's Chicken Locations In Bay Area To Go To Highest Bidder
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Published: July 2, 2008
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TAMPA – More than a dozen local Church's Chicken fast food outlets will be put on the auction block next month when the company that operates the restaurants sells its assets under the approval of a federal bankruptcy judge.
Quick Service Foods-Tampa Inc. filed for bankruptcy protection this year and is selling the restaurants to pay more than $6 million in outstanding debt, including $4.9 million owed to G.E. for a series of loans, lawyer Donald R. Kirk said. Kirk's law firm, Fowler White Boggs Banker, P.A., will host the auction Aug. 4 at its office at 501 E. Kennedy Blvd., Suite 1700, beginning at 10 a.m.
"The interest in the company has been very high," Kirk said. "We've got lots of calls that are being fielded by our broker. We're hoping it's going to be an active bidding process."
Kirk said Quick Service Foods-Tampa is a family held company that has been operating in this area for years as a Church's franchisee. The principal, Ford Reihaini, plans to remain in the fast food business after the auction, Kirk said.
Kirk attributed Reihaini's financial problems to the economy. "The increased cost of food and the increase in gas prices particularly affect our customer base," he said.
Prior to the bankruptcy, Quick Service shut down two of its outlets, one at 1701 N. Nebraska in Tampa and the other at 1001 East Tarpon Ave. in Tarpon Springs. The company is contemplating closing one at 1050 6th St. N.W. in Winter Haven. Those stores will be on the block, along with 15 others in the Tampa and Orlando area, according to court papers.
Kirk said bidders may purchase the stores individually or purchase them all.
The company's Chapter 11 filing said that 2007 net sales were about $11 million, about 10 percent less than in 2006.
Other Church's that will be on the block include these Tampa stores: 1211 N. West Shore Blvd.; 3201 E. Hillsborough Ave.; 3815 N. Armenia Ave.; 1817 W. Sligh Ave.; 8501 Nebraska Ave.; 4001 N. 22nd St.; 2301 50th St. N.; 7502 W. Waters Ave. and 2219 E. Fletcher Ave.
Also locations at 1575 Gulf-to-Bay Blvd, Clearwater; 703 S. Collins St., Plant City; 2195 34th St. S., St. Petersburg; 215 W. Memorial Blvd., Lakeland and 8650 N. 56th St., Temple Terrace.
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