Sonic Comments on GE Capital Financing for Franchisees
Sonic Corp. (NASDAQ: SONC), the nation's largest chain of drive-in restaurants, today commented on remarks in the media concerning GE Capital and the reported pullback it is making in financing for franchisees.
Sonic clarified that during the past year GE Capital provided less than 10% of the lending to its franchisees. GE is just one of many lenders who finance Sonic franchisees and, in fact, many franchisees maintain access to other diversified sources of financing. Furthermore, Sonic has not received any notification from GE Capital, either directly or indirectly, that it will stop financing new loans to Sonic franchisees.
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