Applebee's International Completes Sale of Rio Bravo Cantina Concept.OVERLAND PARK Overland Park, city (1990 pop. 111,790), Johnson co., NE Kans., a residential suburb of Kansas City; inc. 1960. There is printing and publishing, and the manufacture of apparel, aircraft parts, cement, prepared foods, salt, chemicals, marine accessories, and signs. , Kan.--(BUSINESS WIRE)--April 13, 1999-- Applebee's International, Inc. (Nasdaq:APPB APPB Array Processor with Pipelined Bus APPB Application Builder ) stated today that it has completed the previously announced sale of its Rio Bravo Cantina The Rio Bravo concept began in Atlanta, Georgia, United States, the first restaurant opening in the Buckhead section of Atlanta in May 1985. The concept was created by Ray Shoenbaum in conjunction with Innovative Restaurant Concepts Inc (or IRC). concept, which currently comprises 65 restaurants, including 40 company restaurants and 25 franchised restaurants, to Chevys, Inc. Under the terms of the agreement, Chevys will become the franchisor of the Rio Bravo Cantina system and will continue to operate the company-owned restaurants. Chevys has agreed to provide a number of future operating alternatives for existing franchisees, including continued operation of franchise restaurants as Rio Bravo Cantinas or, in certain cases, conversion to Chevys Fresh Mex Chevys Fresh Mex is a chain of casual dining restaurants serving Mexican-inspired cuisine. History The chain was founded in 1986 by Warren Simmons, Sr. and Warren "Scooter" Simmons, Jr., when they opened their first restaurant in Alameda, California. and Rio Bravo Fresh Mex Fresh Mex is a term for a a type of American food which offers food products influenced by the cuisines of Mexico. Often, Fresh Mex restaurants offer versions of the San Francisco Burrito. restaurants. The company also stated that the previously announced sale of its four specialty restaurants is expected to be completed by the end of April. Lloyd Hill, chief executive officer of Applebee's International, said, "The sale of Rio Bravo supports our company's strategy to singularly focus on and optimize the core Applebee's brand. We would like to thank all of the Rio Bravo employees and franchisees and wish them future success." Applebee's International, Inc., headquartered in Overland Park, Kan., currently develops, franchises and operates casual dining restaurants in 48 states and seven international countries, under the Applebee's Neighborhood Grill and Bar brand. |
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