Deal May Lead To Max & Erma’s Sale

Bizjournals.com:

The rocky marriage of Max & Erma’s Restaurants Inc. and owner Gary Reinert Sr. may be headed toward a divorce.

Reinert, who acquired Max & Erma’s in 2008, has agreed to demands from creditors that an outside firm oversee a Chapter 11 restructuring of the chain, a move that takes day-to-day control away from Reinert and opens the door to a potential sale.

Reinert and the creditors agreed to hire Mark Roberts, managing director of Alvarez & Marsal North America LLC in New York, as chief restructuring officer.

Reinert told employees in a Jan. 15 memo that he was stepping back from restaurant operations to focus on his construction business and other enterprises.

A spokesman said Reinert resisted third-party intervention but felt misinformation was being spread about him and the chain and that he viewed the hiring as possible vindication of his efforts.

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