Chalak Mitra Group is overseeing the operations for the company as new owner
The Elephant Bar Global Grill/Wok Kitchen food chain has been bought due to bankruptcy and will be handled by the mother company of Genghis Grill chain.
The brand which ran the Elephant Bar filed bankruptcy last June after they have closed 16 units. During that time, the brand was looking for a buyer of the other 29 units left as stated in the documents filed under the US Bankruptcy Court.
Last Augst 6, Elephant Bar closed the agreement of selling its assets to CM7 Capital Partners LLC, a sister company to Chalak Mitra Group, to avoid auction.
The terms of the agreement, which was done last August 29 were not divulge to the public. But as per the Bloomberg's report, it showed that the buyer paid amounting to $1.25 million and took over other liabilities. It even included the exit financing credit deal by Cerberus Business Finance LLC, the lender, for about $18.3 million to fund the operations. The Chalak Mitra Group is overseeing the operation of the Elephant Bar, which named Jimmy Salas as the CEO. He was going to replace Bob Holden, former CEO of Elephant Bar.
"We are looking forward to open the Elephant Bar into our group of excellent brands and we are honored that we are able to keep the staff in the store. We are excited to bring back the presence of the brand and eventually show good results this time," as Salas commented.
Chalak Mitra is known as an investment group with a background that manages 260 units, which includes 100 Genghis Grill branches, Twin Peaks, Baker Bros, Ruby Tequila's, American Deli as well as the group that run Taco Bell and KFC stores in Northeast location.
Last 2000, Elephant Bar was bought by Saunders Karp & Megrue the later became KarpReilly, this was the group that managed Cafe Zupas, Burger Lounge, Sprinkles Cupcakes and more.
