Bravo!, Cheesecake Factory, Granite City, Roundtable Pizza and Which Wich all announce operating results.
BRAVO! Cucina Italiana, a BRAVO | BRIO Restaurant Group (NASDAQ: BBRG) concept, opened its third Columbus, Ohio location. This is the first BRAVO! location to open in 2011, as well as the first restaurant for BBRG this year, who own and operate 87 restaurants.
The Cheesecake Factory Incorporated (NASDAQ: CAKE) today announced the opening of its newest Cheesecake Factory restaurant at the Memorial City Mall in Houston, Texas. The restaurant opened on February 7, 2011 and contains approximately 8,400 square feet and 225 seats.
Granite City Food & Brewery Ltd. (NASDAQ: GCFB) entered into two agreements: a definitive stock purchase agreement with Concept Development Partners LLC to provide preferred equity financing; and a definitive stock repurchase agreement with DHW Leasing, L.L.C., the company's major shareholder, to repurchase certain outstanding common equity. Under the stock purchase agreement, CDP will purchase $9.0 million of Granite City's newly issued convertible preferred stock. In addition to providing capital for the restaurant chain's growth, the financing will fund the repurchase, pursuant to the stock repurchase agreement, of 3.0 million shares of outstanding Granite City common stock held by DHW, which will result in a change of control of the Company.
Round Table Pizza, Inc. filed a petition for protection under Chapter 11 with the U.S. Bankruptcy Court in Oakland, Calif. According to a company release, the decision to file for bankruptcy was made to improve the company's cash flow and stabilize its business through recapitalization of its debt and renegotiation of above-market leases. The company added that it does not anticipate this action having an impact on its 148 franchisees that operate 355 independently owned Round Table Pizza restaurants on the West Coast. Round Table Pizza, Inc. said that it will close some unprofitable, company-owned restaurants but stressed that most of its company-owned locations and all of its franchised locations will remain open, with minimal impact on consumers.
