A glutton for debt
Fatburger
Santa Monica, Calif.
Santa Monica, Calif.
Fatburger Restaurants of California and Fatburger Restaurants of Nevada, both subsidiaries of Fatburger Corp, filed for Chapter 11 in April. According to the Wall Street Journal, the parent company was not included in the filing, but the two subsidiaries accounted for 72% its total revenue in 2008. The bankruptcy came under pressure from G.E. Capital Business Asset Funding, which Fatburger owned nearly $3.9 million for defaulted loans. The company's 90 franchise owners are waiting to see what happens next.
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LAST UPDATE: Jul 21 2009 | 4:01 PM ET
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