The Associated Press September 15, 2011, 12:01PM ET

Souper Salad, Grandy's restaurants in bankruptcy

The company that owns the Souper Salad and Grandy's restaurant chains has filed for Chapter 11 bankruptcy protection in Delaware.

SSI Group Holding Corp. said it has tried to cut costs, including closing underperforming restaurants, but was unable to overcome cash flow problems or obtain working capital in what it said was a difficult economic environment for the restaurant industry

SSI's secured lenders declared a default in June, and the company said its restaurant closings have resulted in lawsuits being threatened or filed.

As of January, the Texas company had 146 restaurants in 14 states.

SSI Group listed assets of about $24 million, and liabilities of about $47 million.


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