Ham’s Restaurant Bankruptcy
As reported by Greensboro News and Record, the Erwin family could retain control of the Ham’s Restaurant chain built by Charles Erwin, according to bankruptcy filings.
And Charles Erwin could remain at the helm, although without a financial stake in the company.
A motion filed July 9 shows that Erwin’s parents, through a Raleigh-based company called Pika, want to buy Ham’s assets for $250,000.
The sale would leave the buyer free of all liens.
But “certain proceeds” from the sale would be subject to money owed by Ham’s Restaurants.
Others also could have a chance of buying part or all of the company’s assets at a proposed Aug. 3 auction.
Charles Erwin could not be reached for comment. David Hall, president of the locally owned restaurant chain, did not return a call Tuesday.
The small chain started in Greensboro in 1935 with the original Ham’s. Erwin later bought the business, adding restaurants and offering franchises in 2004.
Ham’s Restaurants filed for Chapter 11 bankruptcy in October 2009. Chapter 11 allows a business to stay open as it reorganizes. As part of the company’s reorganization, Ham’s closed two restaurants at the time.
In April, officials announced another round of closings, including the original location at 201 Smyres Place, off West Friendly Avenue.
It was not clear Tuesday if more restaurants have closed since then.