A large Subway operator declares bankruptcy [Yahoo! Finance]
FAT Brands Inc. - Class B (FATBB)
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Source: Yahoo! Finance
MTF Enterprises, a Subway operator with 43 stores in Maine, New Hampshire, Pennsylvania and Virginia, filed for Chapter 11 bankruptcy protections last month, according to a court filing by the franchisee's owner, Michael Fay. The operator accessed funding through short-term Merchant Cash Advance loans, which left it on the hook for a percentage of future sales. In October, one of the franchisee's MCA lenders sent a notice to Stripe claiming MTF had fallen into default on its loans and claiming a lien on sales; the MCA lenders sent similar notices to Block — Square's parent company — and American Express in December, court records show. MTF said in the filing that the lien claims “improperly seized or interfered with the collection of sales revenue.” Weekly and daily payments drawn by the MCA lenders was “the primary cause of the Debtor Entities financial problems,” according to Fay's declaration. Subway's franchise system has continued to shrink in recent years, according t
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