Popular Eastern fried chicken chain fights bankruptcy to stay open
Sticky's, formerly known as Sticky's Chicken Joint, launched in 2012 and became famous in New York and New Jersey for its farm-raised, antibiotic-free chicken with a variety of sauces such as 'Thai Sweet Chili' and 'Caribbean Sweet Heat.'
Operating 12 locations across New York and New Jersey, the restaurant chain filed for Chapter 11 bankruptcy in April 2024 in a bid to cut its debts. The filing for bankruptcy was largely due to the severe impact of the COVID-19 pandemic, as Sticky's heavily relied on New York City foot traffic and has since had a hard time bouncing back, Mens Journal wrote.
As a potential resolution, Sticky's received a $2 million cash offer from Harker Palmer Investors. The deal would involve the investors purchasing the chain, taking responsibility for some of its debts and preventing Sticky's from moving Chapter 11 bankruptcy into Chapter 7 liquidation, Food Republic wrote. However, the restaurant is still actively seeking approval for a new Chapter 11 bankruptcy plan.
The proposed sale received pushback from the Justice Department's bankruptcy watchdog, the U.S. Trustee, claiming the deal would give Palmer 'too much legal protection if the company were sued in the future,' according to the Daily Mail.
Sticky's warned last week that it would be forced into Chapter 7 liquidation, causing the shutdown of all stores and leaving creditors empty-handed if the sale is not approved.
Read the original article on MassLive.
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