Bill Johnson’s Big Apple Restaurants, a longtime string of five popular Phoenix eateries, has filed to reorganize in a Chapter 11 bankruptcy proceeding.
CEO Sherry Cameron said the 55-year-old business has suffered from declining sales and falling real-estate values as the Phoenix-area economy deteriorated.
“The steps we are taking now are to address current economic challenges in Phoenix,” Cameron said.
She said the company doesn’t contemplate closing any of its restaurants during the reorganization and will retain its approximately 200 employees.