Ark Restaurants Signs Agreement to Withdraw From Restaurant Operations in Michigan Theater Complex.Business Editors NEW YORK--(BUSINESS WIRE)--March 10, 2000 Ark Restaurants Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ARKR) announced that it has signed an agreement to withdraw from the operation of the restaurants in the Star Theater Complex in Southfield, Michigan Southfield is a city in Oakland County of the U.S. state of Michigan. It is a suburb of Detroit and is part of the metro Detroit area. As of the 2000 census, the city had a total population of 78,296. Southfield Township is adjacent to the city on the north side. , effective immediately. Under the terms of the agreement Ark will be repaid for certain working capital loans advanced to the venture. Ark will take a one time, pre-tax write-off of $5 million for construction costs. Ark indicated that market conditions for the restaurants had changed since the company's initial commitment in 1998 and that it was in its best interest to focus its efforts on operations that promised greater levels of success. Ark Restaurants Corp. owns and operates 23 restaurants and manages 5 restaurants of which 13 are in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. ; 6 in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. , Nevada; 4 in Washington, DC; 3 in Boston, Massachusetts “Boston” redirects here. For other uses, see Boston (disambiguation). Boston is the capital and most populous city of Massachusetts.[3] The largest city in New England, Boston is considered the unofficial economic and cultural center of the entire New and one each in McLean, Virginia McLean is an unincorporated community located in Fairfax County in Northern Virginia. A small geographic area along Chain Bridge Road in Arlington County has a 22101 zip code and is also part of McLean. and Islamorada, Florida. Along with three restaurants within the New York-New York Hotel & Casino Resort in Las Vegas, Nevada, the company also operates the Resort's room service, banquet facilities, employee dining room and a complex of nine smaller cafes and food operations. Along with two restaurants within the Venetian Casino Resort in Las Vegas, Nevada, the company also operates four food court operations. The Company's other operations include catering businesses in New York City and Washington, DC, and wholesale and retail bakeries in New York City. Except for historical information, this news release contains forward-looking statements which involve unknown risks and uncertainties that may cause the company's actual results or outcomes to be materially different from those anticipated and discussed herein. Important factors that might cause such differences are discussed in the company's filings with the Securities and Exchange Commission. The information and opinions contained in this release have been furnished and approved by Ark Restaurants Corp. We are retained by them as investor relations Investor relations The process by which the corporation communicates with its investors. counsel. |
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