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Flagstar announces sale of Denny's Mother Butler Pies division to Edwards Baking Co., enters into supply agreement.

SPARTANBURG, S.C.--(BUSINESS WIRE)--July 29, 1996--Flagstar Companies, Inc. (NASDAQ:FLST) announced today it has completed the sale of Denny's pie manufacturing division, Mother Butler Pies, to Edwards Baking Company.

The Atlanta-based pie manufacturing and distribution company purchased Flagstar's four bakeries located in Santa Fe Springs, Calif., Ft. Lauderdale, Fla., Elkgrove Village, Ill. and Kent, Wash., that prepare signature pies exclusively for Denny's restauran ts.

In addition, Flagstar has entered into a separate long-term agreement with Edwards Baking Company to supply Denny's with Mother Butler Pies.

"The sale of our Mother Butler Pies bakeries is part of our strategy to focus on what we do best -- operating restaurants," said James B. Adamson, chairman and chief executive officer of Flagstar. "Edwards has an excellent reputation for producing high-qua lity baked pies. Our new partnership will provide us the opportunity to enhance the quality and variety of Denny's desserts."

Denny's serves more than three million pies annually at its nearly 1,600 Denny's restaurants throughout the United States. Mother Butler pies, sold exclusively at Denny's restaurants, feature a large selection of fruit, cream and specialty pies, available by the slice or whole pie for take out.

Edwards Baking Company specializes in producing pies for restaurants and supermarkets. The company is controlled by Ripplewood Holdings L.L.C., a New York-based private investment firm, and Thomas M. Garvin, former president and chief executive officer of the Keebler Company.

Flagstar is one of the nation's largest restaurant companies with over 2,900 moderately-priced restaurants and annual revenues of approximately $3 billion. Flagstar owns and operates Carrows, Coco's, Denny's, El Pollo Loco and Quincy's Family Steakhouse restaurants and is the largest franchisee of Hardee's.

CONTACT: Flagstar Cos. Inc., Spartanburg

Karen Randall, 864/597-8440; Debbie Atkins, 864/597-8361

(media)

Larry Gosnell, 864/597-8658 (investors)
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Publication:Business Wire
Date:Jul 29, 1996
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