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Einstein/Noah Bagel Corp. Obtains Court Approval of Sale of Assets

Golden, Colorado--Einstein/Noah Bagel Corp. announced it has obtained bankruptcy court approval of the sale of substantially all the assets of the company and its majority-owned subsidiary, Einstein/Noah Bagel Partners LP, to Einstein Acquisition Corp. and Greenlight New World LLC, affiliates of Eatontown, New Jersey-based New World Coffee-Manhattan Bagel Inc. The purchase price consisted of $160 million in cash and the assumption of up to $30 million in liabilities.

The transaction is scheduled to close on or before June 20, 2001.

"We were pleased that the bidding process resulted in a deal that offers additional value to our stakeholders," says Robert M. Hartnett, CEO of Einstein/Noah Bagel Corp. "We are also pleased that our operating business will be able to emerge from bankruptcy significantly healthier than when it entered, with same store sales up 3.7 percent in the first quarter of 2001 over the comparable quarter in 2000."

The combined entity will have approximately 800 company-owned, licensed and franchised stores. New World had indicated that it intends to retain Einstein/Noah Bagel's management team and keep its support center in Golden, Colorado.

The New World affiliates were the successful bidder in an auction that was conducted on June 1 in the U.S. Bankruptcy Court in Phoenix. -PR Newswire

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