A Louisiana-based hospitality company has agreed to buy the assets of Philadelphia-based Garces Restaurant Group for more than $5 million.
Ballard Brands offered the cash deal, which includes assumed liabilities, the two organizations announced Wednesday. As part of the deal, Garces Group filed for Chapter 11 bankruptcy protection in Camden, N.J., also on Wednesday.
The Ballard-Garces transaction is expected to close in 45 to 60 days. It will be "business as usual" until then, the group announced.