Papa John's buying bankrupt franchises

April 23, 2012

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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Topics: Financial Management , Financing and capital improvements , Franchising & Growth , Operations Management , Papa John's

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