Kansas-based Fox & Hound Restaurant Group filed for Chapter 11 bankruptcy as it intends to sell its assets through a court process. A court filing revealed that Fox & Hound cited weakening profit and cash shortage as reasons for the exit.

According to a report by Reuters, F&H Acquisition Corp. listed out assets and liabilities in the range of $100 million to $500 million. F&H operates sports bars and casual family dining restaurants under the Fox & Hound and Champps brands.

Besides Fox & Hound, 41 of F&H's affiliates also filed for bankruptcy protection, the report said. 

Reuters, citing a statement by F&H, said the company was not immune to the effects of the economy and rising commodity prices. Its restaurant sales, overall profitability and liquidity suffered significantly.

The news agency noted that Fox & Hound's Chapter 11 route would help it run a streamlined sales process for substantially all of its assets. Through September 2013, it posted a revenue of $218.8 million, the report said.

Fox & Hound and its affiliates operate about 101 restaurants located in 27 states, Reuters said.