Marra Restaurants For Sale, Including The Grille
The restaurants will remain open, a spokesman said.
The Marra Restaurant Group went into receivership in December. Receivership is a form of bankruptcy where a company can avoid liquidation by reorganizing with the help of a court-appointed “receiver” or trustee.
Fischer, who represents receiver Jonathan Savage, stressed that all of the restaurants currently in operation will remain open.
“I don’t want there to be an appearance that we’re shutting down the restaurants,” Fischer said. “They will stay open.”
Typically, according to Fischer, businesses in receivership either put forth a plan for how to deal with their problems or the assets are sold. The Marra situation falls in the second category.
“The receiver believes this is in the best interest of the Marra Restaurant Group going forward not only for the employees but the creditors," he said.
Under the terms of the receivership, Marra's pre-petition debt have been put on hold and Marra is expected to pay bills going forward.
“The best-case scenario is if assets are sold as a going concern. These restaurants are all functioning and healthy,” Fischer said.
He said that there are “multiple parties” interested in the Marra properties, including those “related to the current management group.”
According to an advertisement that ran in the Providence Journal on Tuesday, the receiver “recommends” that all offers be submitted by Feb. 15.
At some point after Feb. 15, Fischer said, a court date will be set and the receiver will present whatever offers were submitted, as well as a recommendation to the judge about which offer he thinks best.
Although the receiver is in charge of the overall future of Marra’s holdings, according to Fischer, Steve Marra is still running the restaurants.
“He’s certainly involved in the day-to-day operations of these restaurants,” said Fischer. Marra did not return phone calls Tuesday.