Famous Dave's Updates Restaurant Opening Guidance, Further Reduces Debt
Famous Dave's of America, Inc. (NASDAQ: DAVE) today announced that it is updating its guidance on franchise restaurant openings in fiscal 2009 to 13 from its most recent range of 9 to 11. The company has opened 10 restaurants through the end of the third quarter.
'At a time when many restaurant chains are retrenching, we've been able to continue to grow,' said Christopher O'Donnell, Famous Dave's president and chief executive officer. 'This marks the second time this year we've increased our guidance concerning new restaurant openings. Famous Dave's is a compelling brand, something very different in the casual dining industry - and that translates to growth even in this challenging economic environment.'
Company Pays Down Additional Debt
Famous Dave's also announced that on October 1st, it paid off the last of five outstanding notes, bringing the amount of debt the company has retired in 2009 to approximately $10 million.
Famous Dave's will announce its Third Quarter 2009 earnings after market close on October 28, 2009, and will host a conference call, October 29, 2009, at 10:00 a.m., Central Time.
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