The Sydran Group, the second largest Burger King franchisee in the United States, said on Friday that it would sell 226 Burger King restaurants as part of its attempts to reorganise after declaring bankruptcy.
In a statement, the San Ramon, California-based company said it had filed for Chapter 11 bankruptcy protection on Thursday. As a result, it would sell its Burger King holdings spanning seven states to Strategic Restaurants Acquisition Corp.
The transaction will be implemented through its bankruptcy filing, the company said.