In a reorganization plan pending in U.S. Bankruptcy Court in Tampa, Waffle House Inc. would buy back ownership of the remains of its biggest Florida franchisee. The Norcross, Ga., parent stepped into the bankruptcy filing of Northlake Foods Inc., a shrunken Brandon franchisee operation with 121 stores that has been controlled by W.B. Johnson, a onetime Clearwater and Atlanta hotelier who sold the Ritz-Carlton Hotel chain to Marriott International several years ago. Attorneys expect the reorganization plan for the Florida franchised stores, which did $89-million in business in 2007, to be confirmed by the end of January.
Waffle House parent plans rescue of Florida franchisee
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