K&W said it may seek a modification of the sale procedures order and the bidding procedures, and hold the auction on a later date.
K&W, a staple of Southern comfort foods for 83 years, filed for bankruptcy protection Sept. 2 as the latest step in a corporate downsizing that began before the COVID-19 pandemic.
The initial bankruptcy filing listed assets of more than $30 million.
The company has liabilities of more than $22 million, of which $12.56 million is with creditors holding secured claims on property, and the rest unsecured claims. It has between 100 and 199 creditors.
On Nov. 2, federal Bankruptcy Court Judge Benjamin Kahn approved allowing K&W to sell its assets, including its remaining 18 restaurants.