City Times Staff

MEMPHIS, Tenn. — Memphis-based restaurant chain Perkins is in the process of being sold.

According to reports by Nancy Luna of Nation’s Restaurant News, the chain may put itself up for sale and/or bankruptcy protection.

“Perkins & Marie Callender’s is in the process of being sold,” company spokeswoman Vivian Brooks told Nation’s Restaurant News in a statement. “While there is a possibility that a buyer may avail themselves to a legal/financial provision in the bankruptcy code that would allow them to acquire the company free of certain liabilities and obligation, it is important that a possible bankruptcy filing be viewed in this context rather than a financial necessity due to performance issues.”

Wayzata Investment Partners LLC are the majority owners of the restaurant chain, which include restaurant Marie Callender’s. With this there are discussions of a potential bankruptcy protection filing. According to the article, Brooks mentions that bankruptcy is “not a reflection” of the financial performance.

According to statements made to Nation’s Restaurant News Brooks stated that Perkins’ year-to-date same store sales are up 5.1%, while guest traffic is up 3.9%. Year-to-date same-store sales at Marie Callender’s, the company’s smaller brand, are up 6.9% with guest traffic up 5.4%.

However, according to NRN’s (Nation’s Restaurant News) 2019 Top 200 research, sales numbers show Perkins was down in sales last year, grossing $592.6 million, down from $629.9 million in the preceding year.

Perkins has multiple locations across the state of Wisconsin, including one in Stevens Point, located at 143 Division St.