A bankruptcy court has approved the sale of 24 Kona Grill restaurants for $US20.3 million in cash. The sale of the restaurants is to Williston Holding Co., a company headed by Marcus Jundt, a former Kona Grill CEO.
Of the $20.3 million, $16.5 million will go to Kona Grill’s lender, KeyBank. This sale is the latest in Kona Grill’s tough year, wherein April they filed for Chapter 11 bankruptcy protection, citing assets of $53.6 million, and debts of $73 million. Furthermore, Kona Grill’s last nine months have seen six CEOs through its doors—Jundt had resigned in March.
