GIDDINGS DQ FILES FOR BANKRUPTCY

  

The parent company of dozens of Dairy Queen locations, including one in Giddings, has filed for bankruptcy.

The Vasari LLC website listed more than 70 Dairy Queen locations, including one in Giddings, Texas.

A recorded message at the company’s headquarters says the company filed for bankruptcy but did not reveal much more.

According to KXAN TV in Austin reports that Vasari LLC filed for Chapter 11 bankruptcy listing a category of debt between $10 million and $50 million.

Chapter 11 allows for debts to be organized as opposed to Chapter 7 which calls for liquidation. Vasari’s bankruptcy petition indicated there would be enough money to pay unsecured creditors.

An emergency motion in the bankruptcy case says Vasari has identified its underperforming restaurants and will continue to analyze those locations, their profitability, and potential remedies.

The move does not affect any of the other local Dairy Queen locations.