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MAIN STREET AND MAIN TO INCREASE STAKE IN T.G.I. FRIDAY'S RESTAURANTS

 DALLAS, Nov. 1 /PRNewswire/ -- Officers of TGI Friday's Inc. and Main Street and Main Incorporated (NASDAQ NMS: MAIN) today jointly announced an agreement in principle providing for Main Street to purchase all T.G.I. Friday's restaurants operated by TGI Friday's Inc. in California. The agreement also gives Main Street the right to develop future T.G.I. Friday's restaurants in California, Idaho, Montana and Wyoming, excluding currently franchised territories. The agreement includes 20 existing Friday's restaurants, one restaurant under construction, and calls for the opening of 38 new Friday's restaurants in these states by the end of 1998.
 The agreement also grants certain rights to Main Street to operate new concepts that Friday's may develop in its franchise territory. The transaction is subject to execution of definitive agreements.
 "Main Street and Main has long been one of our strongest franchise partners, and their interest in purchasing the Western territory makes good sense from a development standpoint," said Richard E. Rivera, president and CEO of TGI Friday's Inc. "Since our first agreement with Main Street in 1990, they have solidified Friday's position in their franchise markets. Their focus on the Western region will accelerate growth of the Friday's concept in some of our strongest markets."
 "The Friday's concept has proven to be extremely successful for us," said Steven Sherman, chairman, CEO and president of Main Street. "The acquisition of these Friday's restaurants in California and the additional development territory will substantially expand our current restaurant operations and provide us with substantial growth opportunities in the country's largest state."
 Main Street and Main is the largest domestic franchisee of T.G.I. Friday's restaurants with 14 sites in Arizona, Colorado, Kansas, Missouri, Nebraska, Nevada, New Mexico, Oregon and Washington. The company also owns and operates Carnation Dairy of Arizona, which produces and distributes milk products, and Dairy Maid Foods, a distributor of brand-name ice creams, frozen novelties and frozen entrees.
 Dallas-based T.G.I. Friday's has been pursuing an aggressive domestic and international growth plan, planning to open 40 domestic restaurants annually and 100 international restaurants in total by the end of the decade. TGI Friday's Inc. operates, franchises and licenses more than 262 restaurants in 45 states and nine countries. It is a privately held company owned by Carlson Companies, Inc., a world leader in the hospitality and travel industries with other operations including Radisson Hotels International, Colony Hotels & Resorts, Country Kitchen Restaurants, Country Hospitality Inns and Carlson Travel Network.
 -0- 11/1/93
 /CONTACT: Rebecca Reasons of TGI Friday's Inc., 214-450-5614, or Robert McGeorge, Main Street and Main Incorporated, 602-951-3200, ext. 14/
 (MAIN)


CO: Main Street and Main, Incorporated; TGI Friday's Inc. ST: Texas IN: LEI SU: TNM

LG -- NY064 -- 9215 11/01/93 14:08 EST
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Publication:PR Newswire
Date:Nov 1, 1993
Words:458
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