New York, October 1 (FinanceEnquiry.com) ? Mike Samuelson, owner of the Papa John?s location in Marshall has confirmed that his operation has not been hit by the wave of Papa John?s franchises going bankrupt in Minnesota. According to a report by KARE-11 Thursday night, the franchisee owner of about 30 Papa John?s has declared bankruptcy in Minnesota.
Samuelson said Friday, ?I can only speak for ourselves and we?re in great shape ? it?s gonna be a black mark for everybody.? Franchisee H. Cliff Harris filed for Chapter 11 bankruptcy in February. He estimated that he owed money to more than 200 creditors or as many as 999 creditors. The KARE 11 report said that the creditors are companies from all over the country.
Forty of the 84 restaurants owned by Harris are located in Colorado. On Tuesday, employees of one of Denver?s Papa John?s restaurants were notified about the filing of bankruptcy. In the note, the aim of the bankruptcy was shown to be merely to keep going while the parent company could reorganize its finances and manage its debts. Some employees however did not buy that argument.
The report further stated that some employees could not cash this week?s paycheck with their banks. Samuelson said that he could not say as to what was going on.
Source: http://www.financeenquiry.com/marshall-location-not-among-papa-johns-bankruptcy/
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