Bloomberg Law
March 23, 2023, 5:08 PM

Bankrupt Burger King Franchisee Sells Most Locations in Auction

Evan Ochsner
Evan Ochsner

Toms King Holdings LLC, a bankrupt Burger King franchisee in Illinois, landed winning auction bids for 82 of its 90 locations, concluding a proceeding crucial to wrapping up its Chapter 11 case.

The winning bid amounts were not revealed in court filings. But the amounts collectively would have to exceed $31 million, which was the starting “stalking horse” bid that Toms King had received earlier.

DC Burger won in its bid for 37 restaurants throughout Virginia. Karali won the auction for 27 restaurants in Ohio and Pennsylvania.

Burger King was the winning bidder on 17 locations in Illinois and Ohio. ...

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