One of the largest Popeyes franchise operators in the country is selling off most of its restaurants after filing for bankruptcy, but not every location has found a new owner. While dozens of restaurants are expected to continue operating under new ownership, others could still face permanent closure as the restructuring process unfolds.
Nearly 100 restaurants have been sold
Miami-based Sailormen Inc., which filed for Chapter 11 bankruptcy protection in January, has reached agreements to sell 97 of the 136 Popeyes restaurants it previously operated across Florida and Georgia. The sales are part of the company’s effort to reduce debt and restructure its business after months of financial challenges.
The largest transaction includes 50 restaurants in Tampa, Tallahassee, Pensacola and Jacksonville, which will be acquired by Pulse Restaurant Group. Other approved buyers include RFI Ventures LLC, Popeyes corporate, SBH Foods PLK LLC and 61 Biscuits LLC, helping keep many locations operating under new ownership.
Dozens of restaurants still face uncertainty
Not every location found a buyer during the bankruptcy auction process. Court filings show that more than 50 restaurants did not receive bids. A federal bankruptcy judge has already approved the rejection of leases for at least 18 locations, and additional restaurant closures remain possible as the restructuring continues.
Customers at affected restaurants are encouraged to watch for announcements regarding ownership changes or potential closures in the coming months.
Rising costs contributed to the bankruptcy
Sailormen cited inflation, increasing labor and operating costs, declining customer traffic and changing consumer spending habits as key reasons for its financial troubles. At the time of its bankruptcy filing, the company reported approximately $130 million in debt, making it one of the largest restaurant franchise bankruptcies this year.
While some locations are expected to close, Popeyes has expressed confidence in the transition. The company said the restaurants being sold are moving to experienced franchise operators that are expected to invest in the locations and continue serving customers throughout Florida and Georgia, preserving much of the chain’s presence in the region.
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