Berke Bakay is joining forces with Marcus Jundt in an effort to buy the troubled casual dining brand, court filings say.
In what has been a tumultuous year filled with multiple leadership changes and a bankruptcy filing, Kona Grill is up for sale. And according to a recent article in Nation’s Restaurant News, two of the casual dining chain’s former CEOs are seeking to purchase the brand.
Per NRN, court findings revealed that former CEO Berke Bakay, who left the brand in August 2018, has joined forces with (other) former CEO Marcus Jundt, who resigned in March, in Jundt’s “stalking horse” bid to buy Kona Grill.
Jundt’s Williston Holding filed its asset purchase agreement for $20.3 million, plus the assumption of $7.1 million in liabilities, the article notes. Now, Bakay’s BBS Fund has loaned Williston Holding more than $2 million as part of the asset purchase agreement.
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Image Source: Kona Grill