Flakey Jake’s said it has a buyout offer.

The Bellevue, Wash., restaurant chain also said that it is considering filing for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code. It also said that Flakey Jake’s Chairman and Chief Executive Frank L. Carney has resigned and that he will be succeeded by President Wallace B. Doolin. The company did not disclose the identity of the potential buyer of the chain, which has 10 company-owned restaurants and 33 franchised outlets.