Article: Shells Seafood Restaurants, Inc. Closes Restaurant

TAMPA, Fla., Jan. 26 /PRNewswire/ -- Shells Seafood Restaurants, Inc. (Nasdaq: SHLL) today announced the closing of its Miami-Flagler location. In conjunction with this closing, the Company assigned the leases and sold certain restaurant assets from this location to a local restaurant operator. The Company will recognize a write-off of approximately $0.03 per common share in the fourth quarter of 1997 as a result of the restaurant closing and sale of assets. The restaurant, which opened in December 1996, was part of the six unit acquisition from Islands Florida LP completed in November 1996.

Bill Hattaway, president and CEO of Shells stated, "At the time of ...

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