APPLE SOUTH SIGNS CONTRACT TO PURCHASE 18 ADDITIONAL APPLEBEE'S RESTAURANTS SUBJECT TO APPROVAL BY APPLEBEE'S INTERNATIONAL, INC.MADISON, Ga.--(BUSINESS WIRE)--May 1, 1995--Apple South, Inc. (Nasdaq/NM:APSO APSO Agency for Personal Service Overseas APSO Audio Precision System One (audio signal measurement device) APSO Appalachian People's Service Organization APSO Adaptive Particle Swarm Optimization ), the nation's largest operator of Applebee's Neighborhood Grill and Bar restaurants, today announced that it has signed a contract to acquire 18 Applebee's restaurants and related franchise rights owned by The Marcus Corporation The Marcus Corporation (NYSE: MCS)is a publicly held company with two divisions, Marcus Theatres and Marcus Hotels and Resorts. Stephen H. Marcus, son of the company's founder, is chairman and chief executive officer. (NYSE NYSE See: New York Stock Exchange :MCS) for approximately $48 million in cash. In addition to certain closing conditions, the agreement is subject to approval by Applebee's International (Nasdaq/NM:APPB APPB Array Processor with Pipelined Bus APPB Application Builder ), the franchisor for the Applebee's concept. Tom E. DuPree, Jr., Chairman and Chief Executive Officer of Apple South, said, "While we have no initial indication of whether Applebee's International will approve the agreement, we believe that the approval process will be resolved within the next 30 days. This contract includes the exclusive rights to develop other Applebee's restaurants in a territory which includes the metropolitan Chicago area, most of Wisconsin, and contiguous counties in Minnesota This is a List of counties in Minnesota. There are 87 counties in the U.S. state of Minnesota. There are also several historical counties. The original five Minnesota counties were Benton, Isanti, Ramsey, Wabasha, and Washington. and Michigan. These restaurants and the related franchise territory would match well geographically with the units we acquired in March in Iowa, Illinois and Wisconsin." Steve Marcus, Chairman of The Marcus Corporation, said, "This transaction will provide additional capital to expand our theatre, lodging and other restaurant operations. We will also be providing the employees now associated with our Applebee's units the opportunity to participate in the continued growth of the Applebee's system." The Marcus Corporation, headquartered in Milwaukee, operates 104 Budgetel Inns in 27 states; three Woodfield Suites in Wisconsin and Colorado, five hotels and one resort in Wisconsin and Minnesota; 197 movie screens in Wisconsin and Illinois, and 35 KFC KFC Kentucky Fried Chicken (restaurant chain) KFC Kenya Flower Council KFC Kitchen Fresh Chicken (Kentucky Fried Chicken motto) KFC Kung Fu Cult (Cinema) KFC Kitchen Fixed Charge restaurants in Wisconsin. Apple South currently operates a total of 166 restaurants, including 139 Applebee's, 16 Italian-themed restaurants operated as either Tomato Rumba's Pastaria Grill or Gianni's Little Italy
Little Italy is a general name for an ethnic enclave populated primarily by Italians or people of Italian ancestry, usually in an urban neighborhood. , and 10 Hardee's. CONTACT: Apple South Inc., Madison Erich Booth, 706/342-4552 |
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