Stack of pancakes at IHOP.

The stores were previously operated by CFRA Holdings and its affiliates, which declared bankruptcy in may. 

IHOP Transfers 41 Bankrupted Stores to New Franchisee Sun Holdings

IHOP has expanded its franchisee portfolio with the addition of Suncakes, LLC , led by Guillermo Perales, through the acquisition of 41 IHOP restaurants. The restaurants, located in Tennessee, North Carolina, Virginia, and South Carolina, were previously owned and operated by CFRA Holdings and its affiliates—which declared bankruptcy in May—and transferred to Suncakes, LLC in July 2020. Financial details of the deal will not be disclosed.

The 41 locations represent the first IHOP restaurants managed by Sun Holdings, Inc. Sun has one of the largest restaurant franchisee portfolios in the U.S. with more than 1,000 locations under its ownership. In addition to restaurant development and ownership, multiple awards and recognitions have been bestowed upon Guillermo Perales, the CEO of Sun Holdings. These awards include the MUFSO Golden Chain Award and Nation’s Restaurant News’ Top 10 Power List, International Franchise Association Entrepreneur of the Year in 2008 and 2015, Ernst & Young’s Entrepreneur of the Year in 2008, as well as Latino Leaders Magazine’s 101 Most Influential Latinos for several consecutive years. As a fast-growing company, Sun Holdings has participated in multiple community service operations including serving over 25,000 free meals to heroes every Veterans Day, and distributing millions of Certificates of Achievement awards for free meals to children every year.

“As the owner and operator of multiple iconic brands, Suncakes’ investment in IHOP reinforces the strength of our franchise opportunity and the future viability of our business,” said Jay Johns, IHOP President. “We are thrilled to welcome Guillermo and the Suncakes team to the IHOP family and are confident that their immense industry and brand expertise will undoubtedly yield success.”

"We take great pride in joining IHOP, an iconic brand that has built significant momentum in the industry in recent years," said Guillermo Perales, CEO for Sun Holdings. “Our goal is to ensure that each and every guest that walks into one of our restaurants receives the quality service and familiar experience they’ve come to expect from IHOP for over 60 years.”

News and information presented in this release has not been corroborated by WTWH Media LLC.