Ballard Brands and local investor David Maser have agreed to buy the majority Garces' empire for $8-million.
Two Philadelphia restaurants, 24 and Garces Trading Company, will close this weekend as part of the process.
Garces filed for bankruptcy last month.
Garces Group files for bankruptcy
He blamed the financial collapse on the ill-fated Revel Casino in Atlantic City, where three of his restaurants were located.
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