Mexican Restaurants, Inc. Announces Sale of La Senorita (NASDAQ: CASA)
Mexican Restaurants announced the sale today of its La Senorita concept, comprising five restaurants and one franchisee restaurant in the State of Michigan, to Hacienda Mexican Restaurants for $2.6 million in cash.
Curt Glowacki, Chief Executive Officer, stated, 'We are pleased to announce the sale of Michigan-based La Senorita to Indiana-based Hacienda Mexican Restaurants, which we view as a winning combination for both companies. For the La Senorita employees and customers, it provides them with an owner located in their trade area that can be more attuned to their needs in these difficult economic times. For Mexican Restaurants, it will help us focus on our strategies of building Mission Burrito and enhancing our core concepts in our Southwestern-based trade area. The proceeds of this sale will be applied to reducing our existing bank debt.'
Mexican Restaurants, Inc. operates and franchises 73 Mexican restaurants. As of today, the current system includes 55 Company-operated restaurants, 17 franchisee operated restaurants and one licensed restaurant.
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