Dave & Buster's Reaches Settlement With Edison Brothers Stores, Inc. Creditors.DALLAS--(BUSINESS WIRE)--Aug. 24, 1998--Dave & Buster's, Inc. (Nasdaq:DANB DANB Dental Assisting National Board ) announced today that it has settled litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. with the limited liability litigation corporation formed by the creditors of Edison Brothers Stores, Inc. that had filed a lawsuit against multiple parties in connection with the June 1995 spin-off The situation that arises when a parent corporation organizes a subsidiary corporation, to which it transfers a portion of its assets in exchange for all of the subsidiary's capital stock, which is subsequently transferred to the parent corporation's shareholders. of Dave & Buster's, Inc. ("the Company") from Edison Brothers. Edison Brothers filed for bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most in November 1995. The Company has agreed to pay the limited liability litigation corporation $2,125,000 in full and final settlement of all claims against the Company. Due to the nature of this litigation, the settlement amount net of any tax benefit will be charged to equity, and, therefore, no portion of the settlement will be charged against the Company's earnings. "Although we still believe the claims asserted against the Company are without merit, we have chosen to resolve this matter now in order to minimize further loss of management time and additional legal costs"stated Dave Corriveau, co-founder and Co-CEO of the Company. "We as a company have been focused on our growth and expansion plans," stated Buster Corley, co-founder and Co-CEO, "and this settlement will allow the investment community to focus with us on our very bright future." Founded in 1982, Dave & Buster's is one of the country's leading upscale restaurant and entertainment concepts and currently operates 14 locations across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. with three more store openings (Rockland County, NY, Orange, CA and Columbus, OH) slated for 1998. D&B has a seven store licensing agreement with Bass Plc for a chain of Dave & Buster's in the United Kingdom. Bass Plc currently operates two D&B locations in Birmingham and Bristol, England. The Company has also recently signed a seven store licensing agreement with Tai Mall Development for the Pacific Rim Pacific Rim, term used to describe the nations bordering the Pacific Ocean and the island countries situated in it. In the post–World War II era, the Pacific Rim has become an increasingly important and interconnected economic region. areas of Taiwan, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and China.
CONTACT: Dave & Buster's, Inc., Dallas
Chas Michel, 214/357-9588
or
Alan Murray, 214/357-9588
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