Piccadilly has purchased K&W Cafeterias, an 85-year-old chain of Southern comfort food restaurants with locations in North Carolina and Virginia, reports the Winston-Salem Journal.
The price of the acquisition has not been disclosed.
Piccadilly plans to keep all 11 current K&W restaurants open and does not expect to make any layoffs at the struggling cafeteria chain. The acquisition adds to Piccadilly’s current roster of 33 locations across the Southeast, although the company previously had no locations in North Carolina.
The sale of K&W was not unexpected, along with the option of auctioning off its assets, after the company filed for Chapter 11 bankruptcy protection in September 2020.
K&W had 18 restaurants open and 1,035 employees at the time of the bankruptcy filing, but reduced its workforce to 834 employees by December 2020.
Piccadilly has also gone through its share of financial struggles, having filed for Chapter 11 as recently as 2012, after which it reduced its number of locations from 270 to 41.
Piccadilly has not yet indicated when or if it plans to rebrand the K&W locations or if there will be any immediate changes to the menu. Read the full story (subscription may be required).
