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Fatburger going under?


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Food Media

Fatburger going under?

nimo | | Jul 24, 2009 09:27 AM

Not that it's the greatest burger in town or anything, but I was surprised to learn that Fatburger is in financial trouble. To be honest, it's probably been about five years since I've even eaten there, but I have lots of fond college-era memories of the Kingburger with cheese. They'll be missed if they close up shop. Article below:

Fatburger Restaurants of California and Fatburger Restaurants of Nevada, both subsidiaries of Fatburger Corp, filed for Chapter 11 in April. According to the Wall Street Journal, the parent company was not included in the filing, but the two subsidiaries accounted for 72% its total revenue in 2008.

The bankruptcy came under pressure from G.E. Capital Business Asset Funding, which Fatburger owned nearly $3.9 million for defaulted loans.

The company's 90 franchise owners are waiting to see what happens next.

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