The iconic Palm restaurant and steakhouse may soon be up for sale.
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This would be the latest move in a long year that has included bankruptcy, infighting and sexual harassment lawsuits launched against the brand’s owners, the Bozzi and Ganzi families.
According to a report in National Restaurant News, the two families have hired advisers to help sell the century-old Naples, Florida-based chain, which has about 24 U.S. locations, including in California and New York as well as some spots in Puerto Rico and Mexico.
That decision was approved by a Florida judge as a part of the bankruptcy filings. (The Palm filed for Chapter 11 bankruptcy in March, several months after a New York court awarded $120 million to the cousins of the founders’ descendants in a 2012 suit that challenged the way they were paid royalties, per the National Restaurant News’ report.)
A possible sale of the company would include full ownership of 18 locations, majority ownership of another three locations and the licensing rights of another three locations.
The Palm did not immediately respond to a request for comment from FOX Business.
Fred Newman, an attorney for the Ganzi cousins, however, told National Restaurant News that while his clients are disappointed about a potential sale, there is a lot of interest from “significant buyers in the hospitality industry and who have professional management, who have resources and expertise and who would be right to buy The Palm.”