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.

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…