Cicis owner SSCP tops bankruptcy court bids for Corner Bakery Café

Ron Ruggless | Jun 05, 2023

SSCP Management Inc., which owns Cicis Pizza Buffet and Roy's Restaurants and franchises Applebee's Neighborhood Bar & Grills and Sonic Drive-Ins, is the lead bidder at nearly $15 million in the bankruptcy court auction for the 138-unit Corner Bakery Café, court documents indicate.

The Delaware Bankruptcy Court judge has scheduled a final hearing on the proposed sale of Corner Bakery's assets for Tuesday, but June 1 court documents said that debtors, in consultation with the official committee of unsecured creditors, "selected SSCP Restaurant Investors LLC as the successful bidder and Corbak Acquisition LLC as the backup bidder."

Related: Corner Bakery Café declares Chapter 11 bankruptcy

Filings said the deal included a credit bid of nearly $15 million and the assumption of various liabilities. Dallas-based fast-casual Corner Bakery, owned by Pandya Restaurant Growth Brands, had filed for Chapter 11 bankruptcy protection in February.

Dallas-based SSCP has been adding its own brands to what had been a portfolio of franchised concepts. SSCP partnered with Gala Capital Partners to buy the CiCis Pizza brand in a bankruptcy auction in March 2021. SSCP purchased the Roy's Restaurant brand from Bloomin’ Brands Inc. in 2015.

SSCP earlier had acquired Corner Bakery's debt on the secondary market.

SSCP Management Inc. was founded by Sunil Dharod, who remains CEO. His son, Chris Dharod, serves as SSCP president, and his daughter, Puja Dharod, serves as vice president of investments. SSCP also has a real estate portfolio with more than 75 assets spanning across 1,000 acres and a million square feet.

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