Several local DQ locations sold in bankruptcy deal - KCBD NewsChannel 11 Lubbock

Several local DQ locations sold in bankruptcy deal


A long list of Texas Dairy Queen locations has been sold as part of bankruptcy proceedings. Roundtable Corp., with significant ties to Lubbock, filed for bankruptcy earlier this year in East Texas.

The man in charge of Roundtable, John Beakley, has been accused of investor fraud in a lawsuit but he does not face criminal charges. Beakley has challenged the lawsuit on legal grounds but has not issued a usual or customary answer denying the allegations.

KCBD NewsChannel 11 learned of the sale late Tuesday during a routine check of public records.

On June 28, a bankruptcy judge approved the sale of 69 Dairy Queen locations to a company called Vasari. In one portion of court records it says the purchase price is $8.1 million plus assumed costs. In another portion of court records it says the deal has an "enhanced purchase price" of $10.5 million, which includes a $750,000 reduction in fees by American Dairy Queen.

Vasari LLC is registered to R.J. Phillips Jr. as a "sole manager" with an address in Fort Worth. Official records from the Texas Secretary of State indicate that Vasari LLC is organized as a Delaware Corporation formed on April 20. The company was registered in Texas on June 22. The company has registered a statewide DBA (doing business as) Dairy Queen in all Texas Counties.

Local locations include Crosbyton, Denver City, Friona, Herford, Idalou, Lockney, Olton, Plains, Post, Seagraves, and Seminole. The Wolfforth location is specifically excluded from the sale.

Locations inside the city of Lubbock are not part of the deal, and are owned by a completely different company.

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