Starboard Group of Alabama LLC, a Wendy’s restaurant franchise operator in the southern US, filed for Chapter 11 in Florida, according to a court filing, Bloomberg News reported. The company listed both estimated assets and estimated liabilities in the range of $1 billion to $10 billion. By filing for bankruptcy, Starboard joins a string of companies battling a high debt load who’ve taken the step. Both pharmacy chain Rite Aid Corp. and WeWork Inc. have initiated chapter 11 proceedings in recent weeks. Starboard operates a string of fast-food and sandwich restaurants across Alabama, Florida, Illinois, Missouri, Louisiana, Wisconsin and Texas, including 73 Wendy’s outlets and 15 Subway shops, according to its website.
