BOSTON
A group of Ground Round franchisees said Wednesday that they have completed the acquisition of the bankrupt restaurant chain's franchise rights.
Earlier this month, a bankruptcy judge approved the franchisees' $4.85 million bid, despite objections from a Dallas real estate company, which bid $6.5 million."
This sounds like a smart move:
"The settlement which provided for the sale to the franchisees avoided costly litigation and will allow the investing owners to control their own systems and move forward and own a share of their franchisor," said Jack Crawford, the president and CEO of the new cooperative.
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