Spectrum Files for Bankruptcy Protection
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A Newport Beach-based company that owns more than a dozen casual and fine-dining restaurants has filed for bankruptcy protection, citing a weak economy and at least $10 million in debt. Spectrum Restaurant Group, Inc. and its subsidiaries filed for reorganization under Chapter 11 in Orange County, saying it had tried to aggressively cut costs to return to profitability.
The company operates restaurants, mostly in Southern California, under the names Prego, Guaymas and MacArthur Park. Spectrum said that the filing would not “interfere with the operations of our restaurants” and that it had “made substantial progress in reorganizing our financial affairs.”
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