Zeising, Pharos Capital Group, LLC, and C. Cherokee's principal investors were reported to be Reid M. Cherokee Advisors owned the "BBAC Merger Sub" used as the acquisition vehicle in the merger. Around the same time, Back Yard Burgers closed 22 stores in several states. The filings listed debt at about $62 million and assets around $13 million. In October 2012, the company, headed by James Boyd as CEO, filed for Chapter 11 bankruptcy protection. In September 2012, another employee, Andy Abbajay, the company's COO, also filed suit against the company, alleging he, too, was mistreated after expressing concern about Diaz's dismissal.
Diaz was then immediately fired by the company. The CEO, James Boyd, was accused of physical assault by Carl Diaz during a spring 2012 senior staff meeting. In the summer of 2012, events at the company pointed to marked internal discord. In February 2009, Zeisling resigned as executive chairman of the board. A significant aspect of the purchase was relocation of the company's corporate headquarters from Memphis to Nashville. Stephen Lynn, the former chairman of Shoney's, who also previously served as Sonic's chief executive officer, and Reid M. In August 2007, the then-publicly traded company with 140 locations was purchased for US$38 million by a group of investors led by C. In 2004, however, after Yum! chose not to exercise its option, the two companies abandoned this plan as Yum! began revitalization of the A&W brand of hamburgers and root beer. In 2002, Back Yard Burgers and Yum! Brands, Inc., temporarily entered into a development agreement whereby Yum! had an option to co-brand Back Yard Burgers' trademarks with its other restaurants' trademarks, including Taco Bell, Pizza Hut, and KFC. A co-branded Back Yard Burgers - Taco Bell restaurant in Shepherdsville, Kentucky, photo taken January 2003
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