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Article: Shoney's, Inc. To Close Underperforming Restaurants; Company also Announces Sale of Nine Stores to Franchisees.
- Article from:
- PR Newswire
- Article date:
- September 27, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association, Inc. 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., Sept. 27 /PRNewswire/ -- Shoney's, Inc. (NYSE: SHN) announced today that it will close 72 underperforming Company-owned Shoney's Restaurants located in 14 states. The closings of the restaurants will be completed by the close of the fiscal fourth quarter on October 31st.
The restaurants are located in the following states: Alabama, Arkansas, Florida, Georgia, Indiana, Kentucky, Louisiana, Maryland, Mississippi, Missouri, North Carolina, South Carolina, Tennessee and Virginia. No franchised restaurants are included in the closings.
Raymond D. Schoenbaum, Chairman of the Board, said, "As part of our ongoing review of our restaurants, we ...