F&H Acquisition Corp. has hit hard times.
The Wichita-based company that owns 35 Champps Americana restaurants including several in Minnesota, has fallen into considerable debt and recently filed for Chapter 11 bankruptcy, reports the Wichita Business Journal.
F&H acquired Champps in 2007 and has acted as the parent company ever since, but the chain was actually started in St. Paul in 1987 by local businessman Dean Vlahos, who reportedly lost $26 million on his investments with Tom Petters
. (Petters is currently serving a 50-year federal sentence for orchestrating a $3.65 billion Ponzi scheme.)
F&H also owns 66 Fox and Hound restaurants, a similar bar and grill concept that's spread from the southwest all the way to the mid-Atlantic. The Wall Street Journal
is reporting that the company is seeking a buyer to bail them out and will go to auction by March 4.
If your local Champps is your go-to spot for waiting out rush hour traffic or catching a game, fear not. For now, reps for the company are saying that this bankruptcy filing will not noticeably affect anything on the restaurant level, but of course that remains to be seen.
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