Palm Restaurant Steakhouse’s Trademark Owner Files Bankruptcy

The trademark owner of the Palm Restaurants, an iconic steakhouse that opened in 1926, has filed for Chapter 11 protection to halt the execution of a $119.5 million judgment in a dispute among shareholders.

Just One More Restaurant Corp., which licenses the Palm name to 24 restaurants in the U.S. and Mexico, received approval March 8 from the U.S. Bankruptcy Court for the Middle District of Florida to operate its business as a debtor-in-possession.

Pio Bozzi and John Ganzi opened the first Palm restaurant in Manhattan in 1926, and in 1933, they formed Just One More Restaurant to own and ...