Champps Entertainment Agrees to Postpone Completion of Sale Transaction

Champps stockholders are scheduled to consider and vote upon the transaction at a stockholders meeting to be held on Friday, September 28 and, assuming that they approve the transaction, the parties were planning to complete the transaction on Monday, October 1. Although the transaction is not subject to a financing condition, in response to a request made by F&H in light of current credit market conditions, Champps has now agreed to allow F&H and its equity sponsors additional time to complete the financing of the transaction and to postpone the closing until not later than October 22.

At the same time, F&H has agreed to eliminate, as of October 1, 2007, certain conditions to its obligation to complete the transaction, and F&H's equity sponsors have agreed to make available up to $35 million to facilitate the financing of the transaction. The equity sponsors have also agreed that if the transaction is not completed on or before October 22 for any reason and F&H is then otherwise obligated to close, they will pay the $35 million to Champps as damages.

About Champps Entertainment, Inc.

Champps Entertainment, Inc. owns and operates 48 and franchises/licenses 13 restaurants in 21 states.


Logos, product and company names mentioned are the property of their respective owners.

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