Company that owns local Perkins Restaurants files bankruptcy

YOUNGSTOWN — The owner of five Mahoning Valley Perkins Restaurants and Bakeries has filed for bankruptcy.

Unique Ventures Group LLC of Pittsburgh filed a voluntary petition for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Western District of Pennsylvania on Feb. 13.

The company said in the filing it has 100 to 199 creditors with liabilities of $10,000,001 to $50 million and assets of the same amount.

Unique Ventures Group operates 28 Perkins Restaurants and Bakeries and employs about 376 workers. Locally, the company operates the restaurants at 587 E. Main St., Canfield; 3870 Elm Road NE, Warren; 1953 Niles-Cortland Road, Niles; 5550 Interstate Blvd., Austintown; and 804 Boardman-Poland Road, Boardman. It also operates the New Castle Perkins at 3334 Wilmington Road.

Unique purchased the Perkins restaurant operations for about $38 million in 2006, according to the bankruptcy filing. Spirit Funding financed the purchase and Unique pays Spirit $265,000 per month to “lease back” these locations. The operation of the restaurant businesses grossed about $38 million per year.

After paying Spirit and certain operating expenses, however, Unique reportedly was taking in only $500,000 per year.

For the complete story, read Wednesday's Vindicator and Vindy.com