DENVER – Vicorp Restaurants Inc. announced today the sale of the pie restaurant Village Inn to American Blue Ribbon Holdings LLC, a new entity formed by Fidelity National Financial Inc. and Newport Global Advisors.
American Blue Ribbon Holdings, LLC will own and operate the Village Inn and Bakers Square restaurant brands as well as the company’s pie-making operation. “We are extremely pleased about the sale of Vicorp to these two well known and successful companies. Completing this deal in the midst of such a difficult financial and credit environment is a remarkable achievement and a testament to the strength of our brands,” said Vicorp president and CEO Hazem Ouf in a press release.
The motion to accept the sale of assets was submitted and approved on March 13, 2009 by Judge Kevin Gross of the U.S. Bankruptcy Court in Wilmington, Del. and the deal closed on Friday, March 27, 2009.
“We are excited to partner with the historically strong Village Inn and Bakers Square brands,” said FNF Chairman William P. Foley II. “Despite the difficult economic conditions, the newly reshaped operations have become profitable in a short period of time and the financial restructuring provides a significantly improved balance sheet and liquidity position.”
Founded in 1958, Vicorp has 267 restaurants in 25 states, consisting of 177 company-operated restaurants and 90 franchised restaurants. Both Village Inn and Bakers Square are synonymous with award-winning pies and offer distinct, high-quality menu items for breakfast, lunch and dinner. See www.vicorpinc.com or call 303-296-2121.