Summit Restaurant Holdings LLC, a bankrupt Hardee’s franchisee with more than 100 locations, has landed an $11.7 million opening bid for an auction of its assets.
Arc Burger LLC will submit its “stalking horse” bid for as many as 73 restaurants, Summit said in a filing Thursday with the US Bankruptcy Court for the District of Colorado. It may buy up to 15 more, according to court papers.
The sale request comes as fast food franchisees have faced pandemic-related headwinds due to increased labor and food costs and less profitability.
Citing sluggish business and the pandemic, Boulder, Colo.-based Summit Restaurant ...
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