Restaurant News Resource - Fresh Choice Restaurant Industry News

Fresh Choice, Inc. (Pink Sheets:SALDQ) announced that it has entered into a letter agreement with the Official Committee of Unsecured Creditors appointed in the Company's case, Crescent Real Estate Equities Limited Partnership and Cedarlane Natural Foods, Inc. whereby Crescent and Cedarlane will sponsor a recapitalization of the Company pursuant to a plan of reorganization.

Fresh Choice announced Sunday it has closed 10 of its 56 restaurants and plans to file for reorganization protection under Ch. 11 of the bankruptcy code Monday.

Fresh Choice, Inc. (Nasdaq:SALD) today reported a net loss of $407,000 or $0.07 per share, for the first quarter of 2004. This compared to a net loss of $541,000 or $0.09 per share for the first quarter of 2003, which included restaurant-opening costs of $192,000.