March 31 2009, 9:51 AM
The 51-year-old Denver-based Vicorp Restaurants, which filed for bankruptcy protection last year, has sold its assets, including its recently re-branded "VI"--Village Inn--restaurants to American Blue Ribbon Holdings. The financial terms were kept secret, butÂ The Denver Post reports that the assets were worth $55 million, minus debts. There are 267 Village Inn restaurants in 25 states, including 25 in the Denver area, even after Vicorp shuttered 129 stores, four in Colorado. Blue Ribbon will be based in Denver and spent about $25 million on a plan that could see existing Village Inn restaurants remodeled. The casual-dining biz has been tough. Other restaurants, including Black Angus Steakhouse and Bennigan's, went out of business amid higher food prices and a recession-driven drop-off in customers, writesÂ The Chicago Tribune.