Saladworks LLC, which calls itself the largest U.S. franchised fresh salad chain, filed for bankruptcy yesterday to fend off litigation by Commerce Bancorp Inc. founder Vernon Hill II, its minority shareholder, Reuters reported yesterday. Hill's litigation has made it impossible for Saladworks to find a buyer, restructure or sell additional franchises, the Conshohocken, Pa.-based company said in a bankruptcy court filing. Saladworks said that it hired the investment bank SSG Advisors LLC to look for a buyer, and that an entity controlled by Hill is its largest unsecured creditor. Created in 1986, Saladworks said it has more than 100 locations, and that all will remain open.
