Apple South receives approval from Applebee's International to purchase 18 Marcus Corporation Applebee's.MILWAUKEE--(BUSINESS WIRE)--May 30, 1995--The Marcus Corporation (NYSE NYSE See: New York Stock Exchange :MCS) today announced that 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 ) has received approval from Applebee's International for the previously-announced purchase of 18 Applebee's Neighborhood Grill & Bar restaurants and related real estate and franchise rights from its Marcus Restaurants division. The transaction, with a purchase price of approximately $48 million, is expected to close next month. The purchase includes 18 existing Applebee's units in Wisconsin and Illinois, two restaurants under construction and five under development. It also includes the company's development territories in the Chicago metropolitan area “Chicagoland” redirects here. For for the racing venue, see Chicagoland Speedway. The Chicago metropolitan area is the metropolitan area associated with the city of Chicago in the United States. and a significant portion of Wisconsin, including Milwaukee, Madison, Green Bay, LaCrosse lacrosse (ləkrôs`), ball and goal game usually played outdoors by two teams of 10 players each on a field 60 to 70 yd (54.86 to 64.01 m) wide by 110 yd (100.58 m) long. Two goals face each other 80 yd (73. , Eau Claire and Wausau. The 18 units being sold have aggregate annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. sales of approximately $40 million. Apple South will retain virtually all of Marcus Restaurants' 1,300 Applebee's employees. "We are pleased that this transaction has received the approval of Applebee's International and we can now proceed," said Stephen H. Marcus, chairman and chief executive officer of The Marcus Corporation. "The new capital from the sale will enable us to further expand our motel, theatre, hotel, and 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 operations," he said. Tom E. DuPree, Jr., chairman and chief executive officer of Apple South, said the acquisition would contribute positively to his company's sales and earnings in 1995. "We are confident there is considerable potential to develop additional Applebee's restaurants in this region which covers a population base of about 12 million," he said. Apple South currently operates a total of 168 restaurants, including 141 Applebee's; 17 Italian-themed restaurants and 10 Hardee's. The Marcus Corporation, headquartered in Milwaukee, Wisconsin, operates 104 Budgetel Inns in 27 states; three Woodfield Suites in Wisconsin and Colorado; five hotels and one resort in Wisconsin and Minnesota; 200 movie screens in Wisconsin and Illinois and 35 KFC restaurants in Wisconsin. CONTACT: Marcus Corporation., Milwaukee Bruce J. Olson, Group Vice President, 414/274-0531 or Ken MacKenzie, CFO See Chief Financial Officer. , 414/274-0512 |
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