Chart House completes sale of Islands to licensor.SOLANA BEACH, Calif.--(BUSINESS WIRE)--May 14, 1996--Chart House Enterprises Inc. (NYSE NYSE See: New York Stock Exchange :CHT CHT Chart CHT Center for Health Transformation (Washington, DC) CHT Chittagong Hill Tracts (Bangladesh region) CHT Certified Hypnotherapist CHT Cylinder Head Temperature CHT Certified Hand Therapist ) has completed the sale of a 75 percent interest in its Islands restaurants operations to two affiliates of Islands Restaurants L.P., the owner/licensor of the Islands concept, for a total purchase price of $23 million in notes. Islands California/Arizona LP has acquired the company's 12 Islands restaurants located in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and Arizona for a purchase price of $20 million, represented by a 9 percent secured note in that amount issued by its general partner. As part of the transaction, Islands Florida LP has purchased the company's six Islands restaurants in Florida for a $3 million 9 percent secured note. Chart House will retain a 25 percent interest as a limited partner in both of the partnerships. The company does not anticipate recording any gain or loss on the transaction. "We are pleased to get this transaction behind us so that we may give our full attention to revitalizing re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. our Chart House restaurants," said Harry Roberts, Chart House president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Chart House Enterprises operates 65 restaurants and a wholesale bakery. CONTACT: Chart House Enterprises Inc., Solana Beach Harold E. Gaubert Jr., 619/755-8281 or Booke and Co. Stephen B. Booke, 212/490-9095 |
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