TL;DR
Two former Kona Grill CEOs, Berke Bakay and Marcus Jundt, are teaming up to purchase the brand through a stalking horse bid. The bid, filed by Jundt's Williston Holding, is for $20.3 million plus the assumption of $7.1 million in liabilities.
In what has been a tumultuous year filled with multiple leadership changes and a bankruptcy filing, Kona Grill is up for sale. And according to a recent article in Nation’s Restaurant News, two of the casual dining chain’s former CEOs are seeking to purchase the brand.
Per NRN, court findings revealed that former CEO Berke Bakay, who left the brand in August 2018, has joined forces with (other) former CEO Marcus Jundt, who resigned in March, in Jundt’s “stalking horse” bid to buy Kona Grill.
Jundt’s Williston Holding filed its asset purchase agreement for $20.3 million, plus the assumption of $7.1 million in liabilities, the article notes. Now, Bakay’s BBS Fund has loaned Williston Holding more than $2 million as part of the asset purchase agreement.
In this story
This story was originally published in 1851 Franchise on May 23, 2019. Burnaze summarizes and links to the original reporting.
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