Major Chicken Franchisee with 130 Restaurants Declares Bankruptcy
A major chicken franchisee has filed for Chapter 11 bankruptcy, signaling potential changes for Popeyes lovers. Sailormen, Inc., based in Miami, made this filing recently, revealing significant financial struggles.
Details of the Bankruptcy Filing
Sailormen, Inc. is reportedly facing nearly $130 million in debt. The company attributed its financial woes to several factors, including:
- The lasting impact of the COVID-19 pandemic
- Rising inflation rates
- A limited workforce
Attempts to Mitigate Losses
In a bid to alleviate its financial burden, Sailormen attempted to sell 16 Popeyes locations earlier in 2023. Unfortunately, this deal did not materialize, leaving the franchisee in a precarious position.
Geographic Impact
Current reports indicate uncertainty regarding the number and location of restaurants that may close due to this bankruptcy filing. Sailormen operates primarily in Florida and Georgia, which means that Popeyes restaurants in other states may remain unaffected.
A Brief History of Sailormen, Inc.
Founded in 1984, Sailormen has seen significant changes over the years. At its peak, the company expanded its reach, operating locations across:
- Alabama
- Florida
- Georgia
- Illinois
- Louisiana
- Missouri
- Mississippi
However, in recent years, Sailormen sold its holdings in several states, ultimately leaving it with 136 restaurants spread across Florida and Georgia.
Future Outlook for Popeyes Fans
The situation surrounding Sailormen, Inc. raises concerns for Popeyes fans in Florida and Georgia. While those outside these states may not feel immediate impacts, customers in the affected areas might face an uncertain restaurant landscape soon.
