F & H Acquisitions Corp., parent company of the Fox & Hound sports bar and Champps casual-dining restaurant chains, filed for Chapter 11 Bankruptcy on December 15, 2013. The company is seeking to sell substantially all of its assets while under federal bankruptcy protection. Along with F & H, 41 of the company’s affiliates also filed for bankruptcy protection.
The company owns and operates a total of 101 restaurants spanning 27 states across the nation: 66 of these restaurants are Fox & Hounds while the other 35 are Champps. Throughout the nation there are over 6,000 employees working for the company. In New Jersey, F & H Acquisitions Corp. operates four restaurants, a Fox & Hound located in Edison, NJ, and three Champps restaurants located in Edison, Marlton and Newark, NJ.
F & H Acquisition Corp. reports that the recession and poor sales are to blame for their bankruptcy filing. F & H has debts of about $119 million. According to Rick Van Warner, a F & H spokesperson, “[t]his difficult decision, which has the support and participation of our senior lenders, is the best and quickest option to restructure our finances, minimize disruption to our restaurants and fully implement our ongoing turnaround plan.”
It is reported that F & H Acquisitions Corp. plans to find a buyer to bail the business out of financial trouble. They plan to hold an auction by March of this year.