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SHONEY'S INC. ENTERS INTO AGREEMENT WITH TPI ENTERPRISES, INC. FOR CO-DEVELOPMENT OF SHONEY'S RESTAURANTS IN EASTERN MICHIGAN

 WEST PALM BEACH, Fla., and NASHVILLE, Tenn., Nov. 18 ~PRNewswire~ -- Shoney's, Inc. (NYSE: SHN) has entered into a major agreement with TPI Enterprises, Inc., (NASDAQ: TPIE) the company's largest franchisee, as part of its expanding franchise program.
 According to the terms of the agreement, TPI will join Shoney's in opening three Shoney's restaurants a year over the next several years so the company can jointly add six or more restaurants a year in eastern Michigan.
 "We are very excited about joining forces with our largest franchisee in bringing Shoney's to Michigan," said Steve Sanders, president of Shoney's Restaurants.
 "We will tackle the greater metropolitan Detroit area first, and we are happy to have a strong operating partner like TPI join us in our aggressive growth plans," he continued.
 Currently, TPI owns 179 Shoney's Restaurants in nine states: Texas, Tennessee, Arkansas, Mississippi, Alabama, North Carolina, South Carolina, Georgia and Florida. Each restaurant employs approximately 80 full- and part-time employees. TPI also operates 69 Captain D's restaurants as a franchisee of Shoney's, Inc. The company's common stock is traded on NASDAQ and the symbol is TPIE.
 TPI has agreed to open a minimum of 13 restaurants. The first Shoney's in Michigan are expected to open in 1993.
 "TPI is ready to team up with Shoney's Inc. in developing eastern Michigan. This is a new territory for us and provides greater expansion opportunities along with our other strong growth area in Texas and Florida," said Gary Sharp, president of TPI.
 "We are very pleased to be able to join hands with our franchisor in the co-development of eastern Michigan," he continued.
 Shoney's Restaurants began in 1959 in Madison, Tenn. with one store and has grown to 800-plus full-service family restaurants in 30 states.
 Shoney's is famous for a wide selection of entrees, including steaks, seafood, chicken, hamburgers and sandwiches, spaghetti and a popular All-You-Care-To-Eat Breakfast and Fruit Bar in the mornings and the All-You-Care-To-Eat Soup, Salad and Fruit Bar in the afternoons and evenings.
 The new agreement with TPI is part of Shoney's Restaurants' long term plans to selectively expand its franchising growth by concentrating on the development of new areas outside the company's traditional geographic base.
 Shoney's, Inc. operates and franchises over 1,800 Shoney's, Captain D's, Lee's, Pargo's and Fifth Quarter restaurants in 36 states and Canada. The company's common stock is traded on the New York Stock Exchange under the symbol "SHN."
 -0- 11~18~92
 ~CONTACT: Robert Kennedy of TPI Enterprises, Inc., 407-835-8888, or Russ Cooper of Shoney's Inc., 615-391-9850~
 (TPIE SHN)


CO: TPI Enterprises, Inc.; Shoney's, Inc. ST: Florida, Tennessee IN: LEI SU:

AH-OS -- NY079 -- 2482 11~18~92 15:15 EST
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Publication:PR Newswire
Date:Nov 18, 1992
Words:444
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