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Article: CKE Restaurants Plans to Exit Sit-Down-Meal Business.(Originated from The Orange County Register, Calif.)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- June 19, 1997
- Author:
CopyrightCOPYRIGHT 1997 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ANAHEIM, Calif.--Jun. 19--Carl's Jr.'s parent CKE Restaurants Inc. plans to exit the sit-down restaurant business by selling Utah-based Summit Family Restaurants Inc.
"We'll probably be out of the dinner business sometime this year," CKE chairman William P. Foley II said Wednesday at the company's annual meeting.
The company is considering selling or "otherwise disposing" of all or a portion of Summit, which is comprised of 117 restaurants operating as JB's Restaurants, HomeTown Buffet and Galaxy Diner, according to its annual report. The restaurants are in nine Western states.
CKE bought ailing Summit last July for nearly $26 ...