Applebee's franchisee on the ropes
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By Karen Welch — Senior Content Producer
The owner of Amarillo's two Applebee's locations has filed bankruptcy.
When granted by the court, Chapter 11 bankruptcy gives a company protection from creditors while it attempts to reorganize its finances.
RMH is the second-largest franchisee of Applebee's restaurants, with 160-plus stores, according to The Wall Street Journal.
The company owns 15 restaurants in Texas, including Amarillo locations on South Soncy Road and West Amarillo Boulevard.
In the bankruptcy filing, RMH estimates its assets in the $100 million to $500 million category and its liabilities in the same range.
The document shows between 5,000 and 10,000 creditors are owed.
The company's petition lists affiliated companies RMH Franchise Corp., NuLnk Inc., RMH Illinois LLC and Contex Restaurants Inc.
RMH's website makes no mention of the bankruptcy filing.
The Applebee's brand has been struggling. Eighty-six Applebee's stores closed in the three months that ended March 31, according to the first-quarter earnings report filed by Applebee's parent company Dine Global.
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Karen Welch is a senior content producer for Panhandle PBS. She can be contacted at Karen.Welch@actx.edu, at @KWelch806 on Twitter and on Facebook. Subscribe to the Panhandle PBS Biz Here podcast on iTunes and SoundCloud to hear more business news and interviews.