Minnesota Firehouse Subs Franchisee Information for Chapter 11 Chapter | Franchise Information

A Minneapolis Firehouse Subs franchisee has filed for Chapter 11 chapter, itemizing greater than $1 million in money owed, in line with paperwork filed April 4.

MR Investments, led by Michael Ruoho, has two Firehouse Subs shops in two Minneapolis suburbs, in addition to Pizza Man eating places. MR Investments beforehand owned a 3rd Firehouse location.

Ruoho’s legal professional, John Lamey of Lamey Regulation Agency, offered no remark. Firehouse Subs didn’t reply to Franchise Instances’ request for remark.

Ruoho listed liabilities totaling $1.14 million and property totaling $68,376. MR Investments is predicated in Stillwater, Minnesota.

MR Investments acquired a $499,900 Financial Harm Catastrophe Mortgage from the Small Enterprise Administration in June 2020.

MR Funding’s Woodbury, Minnesota, location has tools property totaling $56,873, however the liquidation worth quantities to $28,314. The Plymouth, Minnesota, retailer’s property complete simply shy of $55,000, with liquidation worth quantity to $27,483. The shops’ fixtures make up practically all of his property, with $8,000 listed for stock and $4,578 for money and different monetary property.

Ruoho is one among a handful of franchisees beneath the Restaurant Manufacturers Worldwide umbrella who’ve filed for Chapter 11 chapter this yr. RBI owns Tim Hortons, Burger King, Popeyes and Firehouse Subs.

Two giant Burger King franchisees, TOMS King and Meridian Eating places Limitless, filed for chapter in January and March, respectively. TOMS, a franchisee with 90 Burger King places, cited a lack of foot visitors for its declining income. Meridian listed elevated prices, in addition to a low gross sales. Meridian has 118 Burger King models.

Premier Cajun Kings, a 19-unit Popeyes franchisee, filed for chapter in March. The corporate’s proprietor, Manraj “Patrick” Sidhu, died all of the sudden in March 2022, which Premier mentioned “triggered nice operational instability.”