JB's Family Restaurants Closes Units, Files for Chapter 11
JB’s Family Restaurants has filed for Chapter 11 bankruptcy protection due to debts that are estimated to range as high as $50 million, but at least $10 million.
The company has also closed 26 of its 50 restaurants, around half of which are company-owned and half of which are franchised.
They are located in six states: New Mexico, Arizona, Utah, Idaho, Wyoming, and Montana. The Tempe, Arizona-based chain was founded in 1961, and a company spokesman said the economy is the reason for the Chapter 11 filing.