Braintree, Massachusetts-All 75 company-owned Ground Round Grill & Bar restaurants closed suddenly February 13, following a bank loan default by American Hospitality Concepts Inc., owner of the casual-dining chain, sources indicated. All company-owned assets and properties are set to be seized, and all corporate employees have been terminated, one source close to the situation said.
Franchised units of Ground Round, which had about 130 restaurants in the United States and Canada, are still open. AHC officials could not be reached for comment by press time.
Ground Round was founded in 1969 by hospitality company Howard Johnson. In 1997, backed by Boston Ventures Management, AHC acquired Ground Round. -Nation's Restaurant News