Piccadilly Restaurants files for bankruptcy

Company manages 70 foodservice operations.

Sept. 13—Piccadilly Restaurants LLC filed for Chapter 11 bankruptcy protection after debt restructuring talks broke down with its lender, New York-based fund Atalaya Capital Management.

Part of the company's debt was recently purchased by Atalaya, the company said in a statement on Wednesday while not mentioning the size of the debt.

Baton Rouge, Louisiana-based Piccadilly has about 80 restaurants, more than 70 food service operations and has roughly 3,500 employees.