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Four-state Waffle group seeks bankruptcy
Published: Aug. 27, 2008 at 2:47 PM
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NASHVILLE, Aug. 27 (UPI) -- The head of a Tennessee company that owns 113 Waffle House restaurants in four states says an inquiry is under way into his chief accountant's departure.
The company, SouthEast Waffles, a Waffle House franchisee, filed for Chapter 11 bankruptcy earlier this week in a Nashville court.
The company, founded in 1999, reported financial problems after the employee in charge of accounting abruptly resigned, court papers said.
CEO James Shaub confirmed the investigation to the Nashville Tennessean but declined to go into details.
SouthEast Waffles, with 2,232 workers, estimated in its court filing that it has assets and debt of $10 million to $50 million each. Its restaurants are in Tennessee, Kentucky, Alabama and Mississippi.
© 2008 United Press International, Inc. All Rights Reserved.
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