Kona Grill Co-founder in Houston Offers Opening Bid for Foundering Restaurant Chain

Article originally posted on Phoenix Business Journal on May 16, 2019
An auction for Kona Grill is set for later this summer.

Kona Grill Inc. is looking to be purchased out of bankruptcy protection this summer — and its co-founder has entered the first bid.

The Scottsdale-based restaurant chain already has a number of parties interested and should have a new owner by July 25, according to a motion filed May 14 with U.S. Bankruptcy Court for the District Of Delaware.

Bidding on Kona Grill will start at $20.3 million. The company has already received a stalking-horse bid from Houston-based Williston Holding Co. Inc., which was founded by Marcus Jundt, the co-founder and twice former CEO of Kona Grill.

Jundt helped found Kona Grill and then later served as CEO from 2006-2009. Jundt stayed on the board of directors, then in November 2018, following the firing of CEO Jim Kuhn, Jundt stepped in as co-CEO along with Rainforest Cafe founder Steve Schussler. In January, Schussler left the company and in Jundt resigned as CEO in March.

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