OVERLAND PARK, Kan. (KCTV) – The future of a popular restaurant chain is uncertain even as fans order its famous frozen custard and burgers.
M&M Custard LLC voluntarily filed for Chapter 11 bankruptcy protection on November 14.
The company reports $5 million in assets and nearly $28 million in liabilities in the filing.
M&M Custard LLC is located in Overland Park. It owns franchise rights and operates dozens of Freddy’s Frozen Custard & Steakburger locations in Missouri, Kansas, Illinois, Indiana, Kentucky, and Tennessee.
A total of 32 restaurant locations are included in the filing, however all locations will continue to operate locations as they normally would for the time being.
Three of those locations are in the Kansas City area.
- Gardner, Kan.
- Martin City
- 13628 Washington St.
- Kansas City, Mo.
- Sedalia, Mo.
It is important to note that M&M Custard is one of the largest franchisees for Freddy’s Frozen Custard & Steakburgers, but doesn’t own the Freddy’s brand itself.
As part of the filing, M&M Custard LLC said it plans to close a number of stores.
The company is asking a bankruptcy court to allow it to continue to use its current banking system and accounts. The court filing also asks for a waiver on some bankruptcy rules that deal with how it handles money. If approved the move will help the company share resources and transfer money between franchises to help the company stabilize.
They also want permission to sort out and balance the company’s current debts.
M&M Custard believes it can continue to operate which will ultimately help reorganize successfully and exit from bankruptcy as a stronger company according to the filing.
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