Vancouver company wants out of three Macaroni Grill leases
Tuesday, June 5, 2012
Vancouver-based Waterloo Restaurant Ventures wants out of leases for three of its now-closed Macaroni Grill locations in California and Idaho, the Portland Business Journal reports.
On May 25, Waterloo asked the U.S. Bankruptcy Court in Dallas to cancel its lease obligations for former Macaroni Grill locations in Boise, Idaho; San Jose, Calif.; and Dublin, Calif., the newspaper reported. A hearing is set for June 18 in Dallas.
In March, Macaroni Grill filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code, citing declining customer traffic and the economy.
Waterloo is a franchisee of Mac Acquisition LLC, a Dallas-based holding company of Romano's Macaroni Grill Inc. It held the rights to develop the Romano's Macaroni Grill restaurant concept in Oregon, Washington, Northern California and parts of Idaho.
According to court documents cited by the Portland Business Journal, Waterloo agreed to a termination and release agreement that gave it 60 days from Feb. 27 to operate under the Macaroni Grill name. The deadline was extended to June 28.