Hamburger Hamlet Deal Is Called Off
For the second time in seven months, Prandium Inc.’s plan to sell the Hamburger Hamlet restaurant chain has fallen through.
The Irvine-based operator of Chi-Chi’s and Koo Koo Roo said in a statement that it has terminated a $15-million deal to sell the 14-unit upscale burger chain to Los Angeles-based Latin Intellectual Properties. No reason was given for the collapse.
Prandium, which recently received court approval for its prepackaged bankruptcy reorganization, had tried earlier this year to unload the Hamlet. In February, Prandium terminated a $16.1-million cash deal with Beverly Hills-based Othello Holding Corp. after the purchaser failed to meet certain terms.
Prandium, which operates more than 170 restaurants, reported sales of nearly $70 million in the first quarter.
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Marc Ballon
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