Providence, RI – The bankrupt Newport Creamery restaurant chain has a new owner. Burger King magnate Nicholas Janikies was the winner of an auction held Thursday in Bankruptcy Court. He will pay more than $1.5 million dollars for the chain.
“ We believe we’re going to be adding money to the plants that exist right now, making them right. It’s not going to happen right away,” said Janikies.
His bid topped offers by two other suiters. They were a group led by former State Senator Myrth York, and one led by George Haseotis, whose family founded Cumberland Farms. York said she was glad her primary goal of saving Newport Creamery was achieved.
Janikies says his company prides itself on taking bankrupt businesses and turning them around. He predicted it will take about six months to get Newport Creamery back on track.
“The ice cream is not going to stay the same, because the ice cream has not been up to the same Newport Creamery standards,” said Janikies. He suggested a higher butterfat content is required for better tasting ice cream.