90 Midwest and South Burger King shops faced an unclear future until recently. After declining foot traffic and revenue, Toms King Holdings, their franchisee, filed for bankruptcy in January.
Four bidders have proposed to buy 82 of the 90 eateries, Restaurant Business Magazine reports. If the bankruptcy court approves the transaction, most of the eateries will continue serving guests.
The sale excluded the remaining eight, some of which have closed since the bankruptcy filing.
Toms King Holdings was asked about the future of the restaurants that weren't bought out of bankruptcy, but they didn't react.
Illinois, Virginia, Ohio, North Carolina, and Pennsylvania host the franchisee's restaurants. 37 Virginia sites have been sold to DC Burger.
Burger King UK franchisee Karali Group seeks to buy 27 stores. Two of these 27 are in Pittsburgh, while most are in Ohio.
Restaurant Business Magazine revealed that Burger King is buying 17 restaurants, mostly in Illinois and Dayton, Ohio.
Restaurant Concepts, the fourth and final bidder, wants one Pittsburgh restaurant, according to court filings.
The bidders will pay $33 million for the 82 restaurants, somewhat less than Toms King Holdings' $35.5 million secured debt when it filed for bankruptcy.
After Burger King sued a franchisee for failing to pay royalties, ad fund contributions, and other fees, it closed 26 Michigan outlets last week.
Burger King has closed shops and invested $400 million to regain profitability and image after falling behind Wendy's as America's second-largest burger chain and filing for bankruptcy.
In the fourth quarter of 2022, same-store revenues and guest satisfaction improved for the company.