The Palm steakhouse may soon be up for sale in bitter family feud
This is the latest move in a tumultuous year
The iconic Palm restaurant and steakhouse may soon be up for sale.
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.
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The Palm did not immediately respond to a request for comment from FOX Business.
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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.”
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