Six of seven company-owned Spicy Pickle sandwich shops in the metro area closed abruptly Feb. 6 after the company defaulted on roughly $4.76 million in loans, according to SEC documents.
At least seven Spicy Pickle restaurants remain open in Colorado.
Assets of the six closed stores — furnishings, fixtures and equipment — will be put up for auction at 10 a.m. Feb. 21 at the offices of Davis Graham & Stubbs in Denver so that the lenders can recover some of their losses from the defaulted loans.
Spicy Pickle said in its most recent quarterly filing that, as of Sept. 30, it operated 22 franchised and seven company-owned restaurants in nine states. Two locations, in Mississippi and Arizona, later closed. It listed 14 Colorado restaurants at that time.