Ex-Schlotsky’s Deli Execs Ask For Chapter 7

Law360, New York (January 20, 2006, 12:00 AM EST) -- There doesn’t seem to be an end in sight to the money woes plaguing Schlotzsky's Deli. Two former executives of the franchise have asked a bankruptcy court judge to convert the company’s bankruptcy proceedings from Chapter 11 to Chapter 7, claiming attorney and creditor fees are draining the company’s already dry coffers.

Former CEO John C. Wooley and former Vice President Jeffery J. Wooley told the judge that as the company’s assets dwindle, liquidating what is left of Schlotsky’s would be more efficient than attempting to...
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