The bankruptcy filing in January marked a sharp decline for the Miami-based operator, which once managed 136 restaurants across Florida and Georgia. Faced with relentless inflation and rising interest rates, the company could no longer sustain its $233 million annual revenue model. While the court-approved sale allowed portions of the business to survive, it left 39 locations abandoned and slated for permanent closure.
CEO Reacquires Bankrupt Popeyes Empire in Controversial Sale
After four decades of expansion, Sailormen Inc. collapsed under the weight of mounting debt and labor shortages, forcing the liquidation of its sprawling restaurant network. In a swift federal court proceeding, five buyers secured 97 Popeyes locations for $16.55 million, including a maneuver by the company's own chief executive.
The most striking deal involved Pulse Restaurant Group, which acquired 50 Tampa-area restaurants for $2.69 million. Pulse was founded by David Damato, the same CEO who oversaw Sailormen Inc. during its insolvency. By pivoting to his own firm, Damato secured prime assets at a significant discount. Meanwhile, Popeyes corporate stepped in to reclaim 16 Miami units for $9.6 million, leaving three other unnamed buyers to divide the remaining properties.
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