Subsidiaries of an Illinois-based Burger King franchisee, one of the largest in the brand’s U.S. system, reportedly have filed for chapter 11 protection at units operating about 90 restaurants, the Nation's Restaurant News reported. Bloomberg Law reported that chapter 11 filings submitted early this week by TOMS King Holdings LLC’s operating subsidiaries included about $35.5 million in secured debt to Bank of America. Another $14 million of unsecured debt was held by vendors, landlords and Burger King Corp., according to filings. The chapter 11 filing was in the U.S. Bankruptcy Court for the Northern District of Ohio. The suburban Chicago company said its business was impacted by loss of business during the pandemic without decreases in rent, debt service and other costs.
