The Republic:
Tempe-based JB’s Family Restaurants has filed for Chapter 11 bankruptcy protection.
In its Feb. 28 filing in U.S. Bankruptcy Court, the chain reported assets of $7.3 million and liabilities of $10.3 million as of Dec. 30.
The Arizona Republic says JB’s reported revenue of $15.7 million in 2010, but its books were in the red by $442,261.
JB’s plans to turn a profit by closing or franchising the unprofitable restaurants, ending certain leases and operating the remaining restaurants at a profitable level and collecting franchise fees.