Restaurants Unlimited Inc., an eatery chain owned by private-equity firm Sun Capital Partners Inc., filed for bankruptcy protection, blaming state-mandated wage hikes and changing customer habits for its financial problems, WSJ Pro Bankruptcy reported. The Seattle-based company, which owns and operates 35 full-service restaurants in six states under brands that include Kincaid’s, Palomino and Henry’s Tavern, said it plans to put itself up for sale as part of the proceedings in U.S. Bankruptcy Court in Wilmington, Del. The company owes about $39 million to secured lenders that have refrained from taking action on the defaulted obligations since last year. It also owes $7.6 million to unsecured trade creditors that include seafood, produce and meat suppliers as well as Major League Baseball’s Seattle Mariners. A number of landlords are also listed as unsecured creditors.
