Buffets, Inc. Acquires Granny's Buffet Restaurants.EDEN PRAIRIE Eden Prairie A city of eastern Minnesota, a residential suburb of Minneapolis. Population: 57,300. , Minn.--(BUSINESS WIRE)--Dec. 9, 1999-- Buffets, Inc. (Nasdaq: BOCB) announced today that it has acquired six Granny's Buffet A buffet is a meal serving system where patrons serve themselves. It is a popular method of feeding large numbers of people with minimal staff. The term is also used to describe a sideboard, an antique form of furniture which was sometimes used to offer the dishes of a buffet meal Restaurants in Washington, Idaho, and Montana. The transaction was a cash-based asset purchase. With respect to the acquisition, Buffets, Inc.'s Chairman and Chief Executive Officer Roe Hatlen stated, "We are very pleased to be able to bring these six well run and successful buffet restaurants into our system. The acquisition of the Granny's Buffet chain is part of the Company's ongoing plan to strengthen its core buffet business through strategic acquisitions and targeted development. Through focused expansion, we are able to realize significant operational and marketing efficiencies. This transaction will enhance an already strong presence in the Northwest by bringing six successful units on-line, with immediate revenue and operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. contribution. Granny's Buffet enjoys a great local reputation, due in large part to strong management and dedicated restaurant staffs. We are delighted to combine forces and further our national dominance as the premier operator of buffet restaurants known for their high quality and value." Buffets, Inc. is the largest operator of buffet style restaurants, with 398 restaurants (251 Old Country Buffet Old Country Buffet is a buffet-style, sit-down restaurant chain headquartered in Eagan, Minnesota with locations throughout the United States. Menu Items Old Country Buffet restaurants feature a wide spread of menu items, in the following categories: Its wide selection of food include pizza, hot dogs, hot wings, sliced ham among many others. (R), 11 Original Roadhouse road·house n. An inn, restaurant, or nightclub located on a road outside a town or city. roadhouse Noun a pub or restaurant at the side of a road Noun 1. Grill(SM), 6 Granny's Buffet(R), 3 Country Roadhouse Buffet & Grill(SM) and 2 Tahoe Joe Famous Steakhouses(R)) in 38 states and franchises 24 restaurants (5 Old Country Buffet and 19 HomeTown Buffet) in 10 states. This press release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including statements regarding the Company's strategic plans and development activity. The Company's ability to open new restaurants depends on a number of factors, including its ability to find suitable locations and negotiate acceptable leases and land purchases, its ability to attract and retain qualified restaurant managers and the availability of capital. These and other factors are discussed in the Company's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 30, 1998, including the sections captioned "Forward-Looking Statements" and "Risk Factors." The Company assumes no obligations to publicly release the results of any revisions or updates to these forward-looking statements to reflect future events or unanticipated occurrences. |
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