The talking moose lives – at least in Christiana. CB Holding Corp., the New Jersey-based owner of the Bugaboo Creek Steak House in Christiana Delaware and the moose that’s a hit with kids, announced that the company and all of its subsidiaries have filed for protection under Chapter 11 of the U.S. Bankruptcy Code in Wilmington.
Delaware has become a center for bankruptcy filings by mid-sized restaurant chains and business has been good.
New Jersey-based CB, closed 47 restaurants, a common practice when a company goes into Chapter 11.
CB said it plans to sell of its 39 remaining restaurants, which mainly consist of Charlie Brown’s Steakhouse and Bugaboo Creek.
The company blamed the economy for its problems, but the fickle nature of diners also played a part. Bugaboo, at least when it comes to its Christiana restaurant, is solidly managed and has a decent menu. But a short distance away, Firebirds, with its more stylish Colorado ski theme, draws crowds who pay somewhat higher prices. As or Charlie Brown’s, it may have been caught in a time warp with its salad bar.
All 39 of the company’s surviving restaurants are open for business as usual. All group and individual reservations and, subject to Bankruptcy Court approval, gift card redemptions at these locations are being honored as usual.
The company’s legal advisors are Cahill Gordon and Reindel LLP and Wilmington-based Richards Layton & Finger P.A. of Wilmington