Applebee's to buy franchise restaurants

Applebee's International, Inc. has reached an agreement with The Ozark Apples, Inc., an existing Applebee's franchisee, to acquire the assets of 12 Applebee's restaurants for $39.5 million.

Applebee's to buy out franchise restaurants The 12 restaurants, one of which is currently under development and expected to open in June, are located in Missouri, Kansas and Arkansas.

Steve Lumpkin, chief financial officer, said the acquisitions will integrate well with company-owned restaurants in Kansas City and St. Louis. He said fiscal year 2004 comparable sales for the restaurants were higher than the system average, and average weekly sales were in excess of $50,000.

The acquisition of the restaurants is anticipated to close in the second quarter of 2005, subject to obtaining operating licenses and other third-party consents. The company expects the addition of these restaurants to be slightly accretive to fiscal year 2005 earnings.

In morning trading on the Nasdaq, shares of Applebee's International were down 13 cents at $27.10.

Source: The Star

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