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PHOENIX (AP) -- Tempe-based JB's Family Restaurants has filed for Chapter 11 bankruptcy protection.
In its Feb. 28 filing in U.S. Bankruptcy Court, the chain reported assets of $7.3 million and liabilities of $10.3 million as of Dec. 30.
The Arizona Republic says JB's reported revenue of $15.7 million in 2010, but its books were in the red by $442,261.
JB's plans to turn a profit by closing or franchising the unprofitable restaurants, ending certain leases and operating the remaining restaurants at a profitable level and collecting franchise fees.
The 15 franchised restaurants won't be affected by the bankruptcy filing. The future is unclear for the seven company-owned restaurants, including four in Arizona.
They are located in Phoenix, Casa Grande, Flagstaff and Kingman. Two others are in Utah and one in Wyoming.
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(Copyright 2011 by The Associated Press. All Rights Reserved.)
