Piccadilly Cafeterias in Montgomery, Ala., Expected to Stay Open despite Sale.

Byline: Mike Sherman

Dec. 13--The planned sale of the Piccadilly Cafeterias in late February should have little impact on employees at three Montgomery Piccadillys, said the company's president and chief operating officer.

The Baton Rouge, La.-based company has signed an agreement to sell substantially all of its assets, including its restaurants, to Piccadilly Acquisition Corp. for $54 million.

The buyer is a joint venture of TruFoods Corp., which operates and franchises Arthur Treachers Fish & Chips, Wall Street Deli and other food companies, a