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AMERICA'S FAVORITE CHICKEN COMPANY SOLICITS FINANCING FOR RE-IMAGING AND DEVELOPMENT OF FRANCHISE RESTAURANTS

 ATLANTA, May 7 /PRNewswire/ -- America's Favorite Chicken Company (AFC), operator and franchisor of Popeyes Famous Fried Chicken & Biscuits and Church's Chicken, announced today it is soliciting financing proposals for re-imaging over 1,100 franchisee-operated restaurants.
 AFC will offer financial incentives to franchisees to remodel their Church's and Popeyes restaurants during 1993. The renovation program is scheduled to begin in July of 1993.
 The restaurant renovation process will vary but should average 30 to 60 days to complete and range in cost from $25,000 - $150,000 each, depending on renovation requirements.
 Franchisees will be able to purchase most of the remodeling materials from Far West Products, AFC's equipment manufacturing division, and through AFC's National Accounts Program -- a vendor direct access/purchase program with pre-negotiated cost savings.
 The company is also accepting long-term, fixed-asset financing proposals for equipment leasing, mortgage financing and sale/lease-back financing to help franchisees finance new restaurants.
 AFC's development plan calls for 1,000 new restaurants to be opened over the next five years, with 127 openings and 225 new commitments in 1993 alone.
 AFC is committed to streamlining and expediting the loan approval process for its franchisees by providing a complete loan package for the lender and in-depth materials and referrals for the franchisees on an individual basis.
 The largest percentage of new franchise restaurants will be with existing franchisees or conversions from other quick-service restaurants who have a pent-up demand to satisfy in their markets, according to Jackson Moore, AFC's executive vice president of franchising.
 "We have challenged ourselves to grow our existing markets to their saturation points and continue expansion into new markets, and these programs will help us reach those goals," Moore said.
 For more information on AFC's financing proposals interested parties may contact Richard Duda at 404-901-6256.
 Church's Chicken, the world's second-largest chicken quick-service restaurant chain, has 1,074 units and specializes in southern-style chicken. Currently, the chain has 607 company-operated and 467 franchisee-operated restaurants. Church's 1992 system sales exceeded $510 million.
 Founded in 1972, Popeyes Famous Fried Chicken & Biscuits is the world's third-largest chicken chain, with 813 restaurants, of which 698 are operated by franchisees. Popeyes 1992 system sales were $580 million.
 -0- 5/7/93
 /CONTACT: Ellen Hartman or McCall Clifton of Fleishman-Hillard, 404-659-4446, for America's Favorite Chicken Company/


CO: America's Favorite Chicken Company ST: Georgia IN: LEI SU:

RA-BR -- AT014 -- 6114 05/07/93 16:30 EDT
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Publication:PR Newswire
Date:May 7, 1993
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