Back Yard Burgers has filed for chapter 11 bankruptcy protection after shuttering its Charlotte, N.C.,-area restaurants, the Charlotte Business Journal reported. The U.S. Bankruptcy Court for the Western District of North Carolina has consolidated affiliated filings under the Tantum Companies LLC. Tantum CEO Mark Cote, in a declaration filed with the court on June 27, says a chapter 11 restructuring is necessary to maximize the value of the debtors’ estates, provide the greatest recovery for stakeholders and preserve ongoing operations. Charlotte-based Axum Capital Partners — co-owned by former Carolina Panthers wide receiver Muhsin Muhammad II — bought a controlling interest in Back Yard Burgers in 2017. The bankruptcy petition is signed by managers including Muhammad, Denis Ackah-Yensu, Raymond Groth, Jim Phillips. Axum also filed for chapter 11 protection for Wild Wing Cafe on July 19. Tantum's filing claims it has between $1 million and $10 million in assets and at least $10 million to $50 million in debts. It has between 200 and 999 estimated creditors, including the N.C. Department of Revenue, the Tennessee Department of Revenue and Mississippi State Tax Commission as well as Primax Properties in Charlotte, multiple divisions of Sysco and Gordon Food Service.
