Scottsdale Owners of 54 Arby's File for Chapter 11 Bankruptcy

The slogan "It's Good Mood Food" doesn't appear to be case with several Arby's restaurants in Arizona. In fact, the mood's downright depressing.

The Republic reports three related Scottsdale limited-liability companies, all led by Scottsdale businessman Charles Harmon, that operate 54 Arby's fast-food restaurants in Arizona and one in New Mexico, have filed for Chapter 11 bankruptcy protection.

Bradley Stevens, a Phoenix attorney handling the bankruptcy, tells the Republic that the 54 locations (42 in the Phoenix area and the rest throughout Arizona and in Silver City, N.M.) employ about 850 people and that the bankruptcy filing decision, made due to the poor economy, will allow the owners to reject leases and close unprofitable locations.

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