The Palm restaurant chain may soon be for sale, the Nation's Restaurant News reported. A Florida bankruptcy judge on Monday approved the hiring of advisors for the families that have owned the iconic steakhouse chain for 93 years to put it up for sale following a rancorous dispute over royalties. The Naples, Fla.-based company that operates and licenses 24 restaurants under The Palm banner filed for chapter 11 bankruptcy in March about four months after a New York court awarded about $120 million to cousins of the founders’ descendants. The cousins, who were not involved in the business, in 2012 filed suit challenging the way they were paid royalties. Earlier this year, the two owners and grandchildren of the founders — Bruce Bozzi Sr. and Walter Ganzi Jr. — also filed personal chapter 7 bankruptcy in Florida as the two largest shareholders, according to court filings. A judge in those cases approved the hiring of advisors to proceed with a sale of the company, which includes full ownership of 18 restaurants and majority ownership of another three, as well as the licensing of three more locations.
