O’Charley’s Inc. Receives Letter Concerning Possible Sale-Leaseback Transaction
No price was specified, and the Company estimates that the proposed financing cost would be substantially in excess of the interest rate on its bonds.
O’Charley’s Inc. (Nasdaq: CHUX) today announced that it recently received a letter containing a non-binding offer for the purchase and leaseback of the Company’s owned restaurants. No price was specified, and the Company estimates that the proposed financing cost would be substantially in excess of the interest rate on its bonds.
“O'Charley's frequently receives unsolicited proposals from firms and vendors that would like to do business with our Company,” said David W. Head, president and chief executive officer of O’Charley’s Inc. “We thoughtfully consider every such offer and proposal, and respond accordingly, with the intent of maximizing long term shareholder value.”
“We thoughtfully consider every such offer and proposal, and respond accordingly, with the intent of maximizing long term shareholder value.”
About O’Charley’s Inc.
O'Charley's Inc., (NASDAQ: CHUX), headquartered in Nashville, Tenn., is a multi-concept restaurant company that operates or franchises a total of 364 restaurants under three brands: O'Charley's, Ninety Nine Restaurants, and Stoney River Legendary Steaks. The O'Charley's concept includes 241 restaurants in 19 states in the Southeast and Midwest, including 232 company-owned and operated O'Charley's restaurants, and 9 restaurants operated by franchisees. The menu, with an emphasis on fresh preparation, features several specialty items, such as hand-cut and aged USDA choice steaks, a variety of seafood and chicken, freshly baked yeast rolls, fresh salads with special-recipe salad dressings and signature caramel pie. The company operates Ninety Nine Restaurants in 112 locations throughout New England and the Mid-Atlantic states. Ninety Nine has earned a strong reputation as a friendly, comfortable place to gather and enjoy great American food and drink at a terrific price. The menu features a wide selection of appetizers, salads, sandwiches, burgers, entrees and desserts. The company operates 11 Stoney River Legendary Steaks restaurants in six states in the Southeast and Midwest. The steakhouse concept appeals to both upscale casual-dining and fine-dining guests by offering high-quality food and attentive customer service typical of high-end steakhouses, but at more moderate prices.
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