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Filed Chapter 11 in April 1991
Fallout: Popeyes' founder Al Copeland bought Church's Chicken in 1989, but the debt he took on from the deal sunk both companies into bankruptcy. AFC Enterprises (AFCE) acquired both brands in 1992, but sold off Church's Chicken to Atlanta-based Crescent Capital Investments (now known as Arcapita) in 2004. Church's operates 1,600 locations worldwide, while Popeyes has 300 U.S. franchises and some 50 company-owned stores.