<p>Piccadilly Cafeterias, Inc. agreed Wednesday to sell its assets, including its restaurant operations, to a joint venture formed by TruFoods Corp. and H.I.G. Capital for $54 million.</p><p>The sale comes the same day the restaurant operator filed for bankruptcy court protection. Piccadilly operates 145 restaurants in 15 Southern and Mid-Atlantic states.</p><p>Completion of the sale will ensure the continuation of the Piccadilly brand for our loyal guests and ongoing employment for our team members, said Jack McGregor, Piccadillys interim chief executive.</p><p>TruFoods operates and franchises Arthur Treachers Fish & Chips, Pudgies Famous Chicken, Wall Street Deli and BurritoVille. H.I.G. Capital is a private equity and venture capital investment firm.</p><p>TruFoods president and CEO Jeff Bernstein said the company intends to keep Piccadillys corporate headquarters in Baton Rouge, La.</p><p>Piccadilly filed for bankruptcy Tuesday, clearing the way for the sale, which is expected to close in January.</p><p>Based on Piccadillys debts, company shareholders are not expected to recover any money. The sale is subject to court approval.</p><p>Piccadilly shares fell 1 cent to close at 20 cents each Wednesday on the American Stock Exchange.</p>
