Restaurant Finance Across America
Archived postings from September, 2009...
Jack in the Box's Second Largest Franchisee Files Chapter 11
Posted: Mon, September 21, 2009 at 10:41am (CDT)
Food Service Management Company, also known as Kobra Associates, filed for Chapter 11 bankruptcy in California on September 19th. The company was Jack in the Box\'s second largest franchisee and was ranked by the Monitor as the 43rd largest restaurant franchisee in the United States with 2008 revenues of approximately $135 million.
Sacramento Bee September 19, 2009
First Financial Bank Takes Over Irwin
Posted: Mon, September 21, 2009 at 5:01am (CDT)
First Financial Bancorp announced that its wholly owned subsidiary, First Financial Bank, N.A., has purchased the banking operations of Irwin Union Bank and Trust Company and Irwin Union Bank, F.S.B., and subsidiaries of Irwin Financial Corporation through agreements with the Federal Deposit Insurance Corporation.The acquisition includes the franchise loan business and franchise loan portfolio which had assets of $587 million at June 30, 2009.
PR Newswire September 18, 2009
Casual dining operators might not see a turnaround in sales if credit card delinquencies continue
Posted: Thu, September 17, 2009 at 2:50pm (CDT)
Credit card delinquencies showed little sign of easing in August and charge-offs continue at a high level. Bank of America and Citigroup had the highest charge-off rate at 14.54% and 12.14%, respectively.
CNN Money September 15, 2009