PHILADELPHIA (CBS) — Celebrity Chef Jose Garces announced a new partnership with Ballard Brands for his restaurant group Wednesday amid financial difficulties.

Officials say the partnership will stabilize the company’s finances and set a path to ensure the group continues to provide exemplary hospitality at its restaurants and through its events.

“With today’s filing, we are able to chart a new course for our future by stabilizing our financials while we continue our commitment to provide high-quality culinary and hospitality to our guests,” said Garces. “The last couple of years have been challenging, there is no doubt. This step allows us to build on our solid reputation and performance to bring new concepts to life with a fresh start.  To our employees, our patrons and so many of our partners – we want you to know that we are open for business and thank you for sticking with us.”

Ballard Brands is a privately-held restaurant and hospitality company headquartered in Covington, Louisiana. They own the PJ’s Coffee franchise.

As part of the bankruptcy filing, Ballard Brands has offered to purchase the assets of the Garces Group for over $5 million in cash and assumed liabilities.

 

Garces says the last few years have been challenging, and this step allows them to rebuild with a fresh start.

Garces operates more than a dozen restaurants in Philadelphia, New York City and Atlantic City.