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.
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Kathleen Clayton cooks eggs and enjoys it. 06-20-84 PHOTO BY CHARLIE BUCHANAN
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Manager Grady Allred helps dismantle the cafeteria after closing. 03-18-72 Photo by Cookie Synder
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K&W Restaurant fire, Dec. 18, 1951. Photo By Bill Ray
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K&W Cafeteria on Healy Drive, Winston-Salem, May 19, 1985. Photo by Allen Aycock
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When the line becomes too long, the staff can slow the line by taking longer to serve plates. May 19, 1985. Photo by Allen Aycock
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Dale Parker, his wife, Carol, and daughter Lindsay enjoy the food at K&W Cafeteria. May 19, 1985. Photo By Tom Rogers
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Turner Harris in "Toothpick Heaven". May 19, 1985. Photo by Allen Aycock
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"Toothpick Heaven" sign. May 19, 1985. Photo by Allen Aycock
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As dust from an explosion at the Sheraton Inn and K&W Cafeteria settled, people watched from the Gulf station across Knollwood street. January 19, 1988. Photo by David Rolfe
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A view of the drive-through entrance to the cafeteria after the explosion. Photo by Cookie Snyder, January 19, 1988
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A view from Knollwood looking toward Stratford Road after explosion in K&W Cafeteria, January 19, 1988. Photo by David Rolfe
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Aerial view of rubble, following explosion of the cafeteria on January 18, 1988. Photo by David Rolfe
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A view from Knollwood St. after explosion on January 18, 1988 of the K&W Cafeteria. Photo by Cookie Snyder
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K&W Cafeteria view from I-40 after an explosion on January 18, 1988. Photo by Cookie Snyder
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A sign lies in the rubble after the explosion destroyed the restaurant on Stratford Road. Photo by Charlie Buchanan, January 22, 1988
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K&W Cafeteria Manager Grady Allred helps dismantle the cafeteria after closing 03-18-72 PHOTO BY Cookie Synder
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Employees ready for the first opening of the new Coliseum branch of K&W Cafeteria, April 27, 1972. Photo by Cookie Snyder
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K&W Cafeteria's new branch at Colliseum Park, April 27, 1972. Photo by Cookie Snyder
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K&W Cafeteria on Coliseum Drive, May 19, 1985. Photo by Chuck Eaton
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K&W Cafeteria on Coliseum Drive. August 10, 1975. Photo by Charlie Buchanan
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K&W Cafeteria after fire. December 18, 1951 Journal photo By Bill Ray
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K&W Restaurant after fire. Photo by Bill Ray, December 18, 1951
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