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Papa John's will pay a total of $5.25 million to buy Colorado and Minnesota franchises currently owned by Baltimore-based PJCOMN Acquisition Corp., which is operating under bankruptcy protection.
According to the Denver Business Journal, the franchisee filed for Chapter 11 protection in September.
Papa John's will pay $3.75 million for the 27 locations in the Denver area, and $1.5 million for 32 restaurants in the Minneapolis/St. Paul area.
Papa John's sold 84 company-owned units to PJCOMN Acquisition Corp. in 2005.
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