The Charlie Brown’s steakhouse chain, which recently filed for bankruptcy after four decades in business, might not be well-done after all.
Praesidian Capital, the New York investment firm that acquired the chain for $9.5 million in a bankruptcy sale last week, said today it plans to revitalize the troubled brand, maintain existing restaurants and potentially expand into the Midwest. The company also said it has recruited a team of restaurant industry veterans from Oklahoma to grow and modernize the business.
“We’re clearly big believers,” said Jason Drattell, a founding partner at Praesidian. “We’re acquiring this to build it and actually hire more people. We see an opportunity to enhance a business that has a very dedicated customer base.”