Kona Grill Closes Naples, FL Restaurant
Kona Grill, Inc. (NASDAQ: KONA), an American grill and sushi bar, announced that it has closed its restaurant in Naples, FL, effective this past Sunday. The location opened in November 2006 and had been challenged by volume, seasonality, and demographics since its inception. The Company is expected to take an impairment charge during the third quarter of 2008, although the specific amount has yet to be determined.
'Although we are disappointed to have closed our Naples restaurant, we believe it was the prudent choice for our business as we seek to navigate through some very challenging times in our industry. We made every effort, including heavy advertising, promotions and site-specific offerings to improve sales. Unfortunately we never gained traction at this location and decided instead to focus both our attention and capital on restaurants that will move our Company forward. We have great confidence in the long-term prospects of Kona Grill and have learned many important lessons from this experience, which have already improved our site selection process," said Marcus E. Jundt, Chief Executive Officer of Kona Grill.
The Company also announced that it expects to lose 14 operating days due to hurricanes Ike and Gustav. The hurricanes required closure of restaurants in Baton Rouge, LA and Sugar Land and Houston, TX.
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