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Article: Shoney's, Inc. Agrees to Sell 34 Restaurants to Elias Brothers.
- Article from:
- PR Newswire
- Article date:
- October 20, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. 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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NASHVILLE, Tenn., Oct. 20 /PRNewswire/ -- Shoney's, Inc. (NYSE: SHN) announced today that it has agreed to sell 34 Company-owned Shoney's Restaurants to Elias Brothers Corporation which operates the Big Boy Restaurant chain. The transaction is subject to certain conditions and is expected to be completed by early 1999.
The 34 Shoney's Restaurants include 31 operating restaurants and three previously closed restaurant sites and are located in Missouri, Kansas, Michigan, Illinois and Ohio. Current employees at the 31 Shoney's restaurants will be given the opportunity to continue their employment with Big Boy Restaurants.
In addition to the proposed sale ...