Court OKs Popeyes' bid to take over 14 KFC restaurants in Minn. - Bring Me The News

Court OKs Popeyes' bid to take over 14 KFC restaurants in Minn.

A bankruptcy judge has approved a deal that allows Popeyes Louisiana Kitchen to buy 14 KFC restaurants in the Twin Cities, even though a bid from another KFC franchisee involved more money, the Star Tribune reports. Creditor GE Capital said it preferred the "certainty" of the smaller offer from Popeyes.

Author:: BMTN Staff
Updated:: Mar 8, 2018
Original:: Nov 8, 2012

A bankruptcy judge has approved a deal that allows Popeyes Louisiana Kitchen to buy 14 KFC restaurants in the Twin Cities, even though a bid from another KFC franchisee involved more money, the Star Tribune reports. Creditor GE Capital said it preferred the "certainty" of the smaller offer from Popeyes.

Last month, AFC Enterprises Inc., Popeyes' Atlanta-based parent, agreed to buy 28 KFC eateries from a bankrupt franchisee in Minnesota and California for $13.8 million.

An affiliate of Oregon-based KFC franchisee made an offer of $16 million, but it’s unclear how many restaurants that included.

Popeyes, the nation's second largest chicken chain, currently has one location in Minneapolis. KFC, the country's top chicken chain, currently has more than 40 restaurants in the Twin Cities metro.

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AFC Enterprises, Popeyes' Atlanta-based parent company, is planning to buy 14 KFC restaurants from a bankrupt franchisee, a major push for the fried chicken chain that has only one lone location on Lake Street in south Minneapolis. The deal is part of a $13.8 million purchase of 28 restaurants in Minnesota and California. The new locations in a handful of metro cities will be quickly converted once the bid is approved by a judge.

KFC, the nation's leading fried-chicken chain, is challenging Popeye's plan to purchase 14 KFC restaurants in the Twin Cities. After a KFC franchisee went bankrupt, Popeye's intended to spend $13.8 million on 28 restaurants in Minnesota and California...

AFC Enterprises Inc. plans to open more Popeyes Louisiana Kitchen restaurants in the Minneapolis/St. Paul area. According to a news release, Atlanta-based chain is buying bankrupt eateries in Minnesota and California. AFC has not said how many locations will be based in the Twin Cites metro.

The bankruptcy estate of former Minnesota businessman Tom Petters will receive nearly $34 million. A U.S. District Judge approved three “clawback” settlements with GE Capital, Fredrikson & Byron, and the John T. Petters Foundation. Petters is currently serving a 50-year prison sentence for his fraud conviction.

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