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JB'S RESTAURANTS ANNOUNCES A DEFINITIVE AGREEMENT TO SELL 23 JB'S RESTAURANTS IN OREGON AND WESTERN WASHINGTON

 JB'S RESTAURANTS ANNOUNCES A DEFINITIVE AGREEMENT TO SELL
 23 JB'S RESTAURANTS IN OREGON AND WESTERN WASHINGTON
 SALT LAKE CITY, Aug. 24 /PRNewswire/ -- JB's Restaurants Inc. (NASDAQ: JBBB), announced today the signing of a definitive agreement to sell 23 JB's Restaurants in Oregon and western Washington to IHOP Corp. (NASDAQ: IHOP).
 JB's Restaurants previously announced on July 22, 1992, that it had entered into a preliminary agreement with IHOP for the sale of the 23 restaurants for approximately $4.5 million. The sale will result in an estimated one-time loss of approximately $3.0 million pre-tax in the company's fourth fiscal quarter. The parties plan to close the transaction by Sept. 22, 1992.
 The divestiture of these Northwest stores, which have historically generated low profits for the company, will enhance future profitability and give the company capital to fund the 10 HomeTown Buffet restaurants planned to be opened in fiscal 1993. The divestiture also enables the company to concentrate its resources on the JB's Restaurants in the remaining markets in which it is the dominant family restaurant chain.
 After the completion of the transaction, JB's Restaurants will operate 109 JB's family-style restaurants, franchise five JB's family- style restaurants, operate 12 franchised Sbarro restaurants and operate four franchised HomeTown Buffet restaurants within 10 western states. In addition, the company owns an approximately one-fourth interest in Americana Entertainment Group Inc., the parent company of HomeTown Buffet Inc. which currently operates three HomeTown Buffet restaurants California and Oregon.
 -0- 8/24/92
 /CONTACT: David E. Pertl of JB's Restaurants, 801-974-4300/
 (JBBB IHOP) CO: JB's Restaurants Inc.; IHOP Corp. ST: Utah IN: SU:


BB -- DV004 -- 2591 08/24/92 12:33 EDT
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Publication:PR Newswire
Date:Aug 24, 1992
Words:277
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