Frisch’s Restaurants, Inc. (NYSE Amex: FRS) today announced that Golden Corral Franchising Systems, Inc. has exercised its right of first refusal to purchase substantially all of Frisch’s Golden Corral operations and real estate, consisting of restaurants in Ohio, Indiana, Kentucky, West Virginia and Pennsylvania, upon the same terms of the contract previously announced with NRD Holdings, LLC. Founded in 1973, Golden Corral Franchising Systems is privately held and currently has 485 franchised and company-operated restaurants in 41 states. Terms of the transaction will be disclosed upon close of the transaction, which is anticipated to occur by the close of the company’s fiscal year end of May 29, 2012. The sale is subject to customary financing, due diligence and closing contingencies.
Frisch’s is a regional company that operates full service family-style restaurants under the name “Frisch’s Big Boy.” The company also operates 29 grill buffet style restaurants under the name “Golden Corral” pursuant to certain licensing agreements. All Big Boy restaurants are currently located in various regions of Ohio, Kentucky and Indiana. Golden Corral restaurants currently operate primarily in the greater metropolitan areas of Cincinnati, Cleveland, Columbus, Dayton and Toledo, Ohio; Louisville, Kentucky and Pittsburgh, Pennsylvania which includes locations in the adjoining states of Indiana and West Virginia.
