Picklr Files Chapter 11, Clubs Stay Open

The Picklr has filed for Chapter 11 bankruptcy protection in Texas to reorganize after its founder, Jorge Barragan, said corporate guarantees of lease payments for some early franchisees placed an unsustainable burden on the company. An investor group led by a franchisee has committed financing reported at $4.5 million to $4.8 million, pending court approval. The company says its clubs and independently operated franchise locations remain open while it works with landlords to restructure lease obligations.