Delaware-based holding corporation ICH Corp has filed for Chapter 11 bankruptcy protection.
ICH said that the filing will serve to “enhance the overall financial condition of the company’s operating subsidiaries”, as it was initiated in a bid “to separate its ongoing Arby’s [restaurant] business from various holding company liabilities related primarily to the company’s former ownership of the California-based Lyon’s restaurant chain”.
The company insisted that it has plans to close just one Arby’s outlet, and that the remainder of the 240 strong chain, largely based in Michigan, Texas, Pennsylvania, New Jersey, Connecticut and Florida, “will continue without interruption”.
