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K&W finds buyer for non-core Winston-Salem residence

K&W finds buyer for non-core Winston-Salem residence

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K&W Cafeteria Inc. said in a bankruptcy filing Monday that it has a potential buyer for a company-owned, non-core property at 705 Polo Oaks Drive in Winston-Salem.

The company filed a request with bankruptcy Judge Benjamin Kahn to sell the property with a listing price of $159,000. The latest filing lists that Anneliese T. Wall has entered into a contract to buy the residence for $163,000.

K&W already has gained permission to sell two company-owned properties in Cornelius for a combined $1.47 million.

The Winston-Salem restaurant chain, a staple of Southern comfort foods for 83 years, filed for bankruptcy protection Sept. 2 as the latest step in a corporate downsizing that began before the COVID-19 pandemic.

In December, Kahn approved giving K&W until March 31 to file its next proposed reorganization plan, as well until May 30 to gain confirmation of the plan.

Approval of the delays come as K&W’s owners and management say they want to change course on its future after saying it did not attract an adequate bid for its assets.

336-727-7376

@rcraverWSJ

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