Overview
- Sailormen filed sale procedures on March 13 seeking a Section 363 auction, with a stalking-horse bid contemplated and its secured lender permitted to credit-bid.
- A March 10 court motion to reject leases for three Georgia sites followed January closures of 17 restaurants, bringing case-linked shutdowns to about 20.
- Court papers cite roughly $130 million in liabilities and attribute the strain to inflation, higher interest costs, limited qualified labor and lingering pandemic effects.
- After the closures, Sailormen’s portfolio stands at about 116 restaurants, and Popeyes leadership says a large majority of those locations are expected to keep operating.
- Prior efforts to sell assets collapsed in 2023, and the company is removing equipment from closed stores for reallocation or sale.