Bankruptcy For Burger King Franchisee

Crain’s New York Business:

A major Brooklyn Burger King franchisee, AJA New York Restaurant Holdings, filed for Chapter 11 bankruptcy protection. Citing assets between $1 million and $10 million, and liabilities in the same range, the company owes money to fewer than 50 creditors.
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AJA New York, under the leadership of Chief Executive Alfred Poe, three years ago acquired the nine Burger Kings, located in Brooklyn and Queens, from N.J.-based Coastal Management Corp.

Mr. Poe could not be reached on Thursday. His legal counsel, Daniel Brown of law firm Damon Morey, said the downturn prompted the filing. Read on…

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