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isilzha · 03-31-2009, 12:12 AM

Bakers Square sold to new owner

By James P. Miller | Tribune staff reporter

2:12 PM CDT, March 30, 2009

The bankrupt owner of pie purveyor Bakers Square sold the restaurant chain to private interests, according to Vicorp Restaurants Inc.

Denver-based Vicorp Restaurants, which owns and franchises restaurants under the Bakers Square and Village Inn brands, filed for protection from creditors under Chapter 11 of the federal Bankruptcy Code eleven months ago.

Like other casual-dining restaurant operators which have gone bankrupt during the past year, including the owners of rival chains Black Angus Steakhouse and Bennigan's, Vicorp's restaurants saw profits come under pressure from a combination of higher food prices and a recession-driven dropoff in customers.

As part of its bankruptcy reorganization, plan, closely held Vicorp sold the assets of other Village Inn and Baker's Square restaurant brands -- as well as the affiliated Vicom pie-making operation -- to an investment group jointly owned by title-insurance provider Fidelity National Financial Inc. and the Newport Global Advisors unit of buyout firm Providence Equity Partners.

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I hope they don't get rid of free pie Wednesday.

03-31-2009, 12:12 AM	#1 (permalink)
isilzha Fan of the Food Network Join Date: Feb 2007 Location: Chicawesome Posts: 3,212 Rep Power: 10	Bakers Square sold to new owner Bakers Square sold to new owner By James P. Miller \| Tribune staff reporter 2:12 PM CDT, March 30, 2009 The bankrupt owner of pie purveyor Bakers Square sold the restaurant chain to private interests, according to Vicorp Restaurants Inc. Denver-based Vicorp Restaurants, which owns and franchises restaurants under the Bakers Square and Village Inn brands, filed for protection from creditors under Chapter 11 of the federal Bankruptcy Code eleven months ago. Like other casual-dining restaurant operators which have gone bankrupt during the past year, including the owners of rival chains Black Angus Steakhouse and Bennigan's, Vicorp's restaurants saw profits come under pressure from a combination of higher food prices and a recession-driven dropoff in customers. As part of its bankruptcy reorganization, plan, closely held Vicorp sold the assets of other Village Inn and Baker's Square restaurant brands -- as well as the affiliated Vicom pie-making operation -- to an investment group jointly owned by title-insurance provider Fidelity National Financial Inc. and the Newport Global Advisors unit of buyout firm Providence Equity Partners. More I hope they don't get rid of free pie Wednesday. __________________ Those who forget the pasta are condemned to reheat it.