BusinessWeek:
Famous Dave’s of America Inc. said on Friday that it has submitted a “staking horse” bid to acquire up to nine of its franchise restaurants from North Country BBQ Ventures, which is expected to file for bankruptcy protection.
Famous Dave’s would pay $5 million to acquire the restaurants. North Country is one of the company’s largest franchisees with restaurants throughout the Northeast.
North Country could not be reached for comment, but Famous Dave’s said the franchisee is expected to file for Chapter 11 bankruptcy protection on Friday.
The deal is subject to bankruptcy court approval but is expected to be complete during the first quarter of 2010.