The owner of the Charlie Brown’s Steakhouse restaurant chain filed for bankruptcy, squeezed by a fall-off in consumer spending and rising food costs, according to court documents.
CB Holding Inc, based in Mountainside, New Jersey, filed for bankruptcy on Wednesday and intends to seek a quick sale of its 39 Charlie Brown, Bugaboo Creek and The Office casual dining restaurants along the U.S. East Coast.
One of the 40-year-old company’s main lenders, Ally Commercial Finance LLC, agreed to lend CB $2.5 million for two months to keep the business operating.