Spicy Pickle Franchising, Inc is in a pickle. The company that sells franchise licenses and manages the Spicy Pickle fast casual chain, defaulted on a $4.8M loan.

Filings indicate that certain assets will be auctioned on Feb. 21, as lenders attempt to recover some of their losses...For the most recent third quarter ended Sept. 30, 2011, Spicy Pickle operated seven locations and franchised another 22 across nine states, with most in its home state of Colorado. At the time, the company also had eight franchise agreements. In addition, the franchisor operated and franchised 11 locations of a secondary bakery-café concept called BG Urban Café in Canada. - NRN