Vicorp had filed for Chapter 11 bankruptcy a year ago, and like several other casual restaurant chains, attributed its problems to higher food prices and lower customer counts during the recession. The deal is part of its bankruptcy reorganization plan. Assets being sold include 267 restaurants in 25 states as well as the Vicom pie operation.
“Completing this deal in the midst of such a difficult financial and credit environment is a remarkable achievement and a testament to the strength of our brands,” said Vicorp President and C.E.O. Hazem Ouf, in a company release.
“As we exit from Chapter 11, we look forward to a new era of growth and financial stability, and I am pleased to be able to continue to lead our organization going forward,” added Ouf, who will continue to hold his posts under the new ownership.
Both Village Inn and Bakers Square offer pies as one of their key features. Most of the restaurants also sell pies and other desserts for retail sale from showcases positioned at store entrances.