A federal bankruptcy court has approved the sale of the bankrupt Charlie Brown's Steakhouse chain to a New York-based private equity firm.
The purchaser is Praesidian Capital Opportunity Fund. It submitted a winning bid of $9.5 million at an auction on April 6 for the chain's 20 remaining restaurants. Seventeen are in New Jersey.
The U.S. Bankruptcy Court for the District of Delaware approved the sale Monday.
The restaurant chain's parent company, CB Holding Corp. of Mountainside, N.J., filed for bankruptcy protection in November and closed 47 restaurants.
The company has since sold off 12 Bugaboo Creek Steak House restaurants and seven The Office Beer Bar & Grill restaurants.