Bennett to take over Packo's
Stating that Tony Packo Inc. is a community asset and "part of our heritage of Toledo," Judge Gene Zmuda, Lucas County Common Pleas Court on Thrusday ordered the iconic restaurant chain sold for $ 5.5 million local fast -food magnate Bob Bennett.
The decision removes the property of the family who started the company well-known local eight decades ago. He also leaves a family member who last year opened an investigation, which led to the sale under judicial supervision, without further intervention.
The judge cited Mr.Bennett offer - the "highest, offer the best" - as one who could best deal with the debts of the restaurant chain and fees, leaving a free and clear financial slate and in the best position to succeed in the future given an uncertain economic climate. The offer was presented as the TP Foods LLC.
It is not known if the sale is subject to appeal or other related aspects would be challenged in court. Perhaps even in contention is whether the company name and secret recipes will be transferred to the sale. There is a hearing on the issue scheduled for November 6.
Mr.Bennett, owner of Bennett Management Co. and 26 area Burger King Restaurants, said after the ruling that half Packo family will remain involved with the chain. Tony Packo, Jr., current president and his son, Tony Packo III, executive vice president, will run the operation of five restaurants, which is based in East Toledo, Mr. Bennett said the blade.
"We have not worked all the details, but we will keep it close as it is who runs the organization," said Bennett. "Then I'll add my knowledge, expertise and support to their extensive knowledge of the company."
Only Robin Horvath, the chief operating officer who owns half the company will no longer be involved. Mr. Horvath continued to Packos, who are his cousins, plus a year ago in an effort to take control of the company. M. Packo, Jr., and M. Packo III jointly own the other half of the company.
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