Boston Chicken files for bankruptcy

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Boston Chicken, Golden, Colo., said it filed for Chapter 11 bankruptcy protection and is shutting 178 of its Boston Market restaurants, leaving the once fast-growing restaurant company with 965 units. The company is laying off 500 employees and exiting 14 markets, including Louisville, Ky., corporate headquarters for rival chicken chain KFC. The company said it has secured up to $70 million in financing from General Electric Capital Corp. and Bank of America. Suissa Miller, Los Angeles, handles the chain's estimated $50 million to $60 million account.

Copyright October 1998, Crain Communications Inc.

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