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Financial News

Denver-Sandwich chain Quizno's Corp. has agreed to a sweetened takeover offer of $8.50 a share from a management-led group. Under the agreement, the company will be merged with a corporation formed by president Richard E. Schaden and vice president Richard F. Schaden, who together also own about 68 percent of the company's outstanding common shares. Completion of the deal is subject to approval by holders of a majority Quizno's outstanding common stock. -Reuters

Wilbraham, Massachusetts-The largest franchisee in the Friendly Ice Cream Corp. chain, DavCo Restaurants Inc., has hired CNL Advisory Services Inc. to help it dispose of its 48 restaurants, according to Robert Hogan, Friendly Ice Cream's chief marketing officer and senior vice president. Crofton, Maryland-based DavCo terminated its exclusive development rights to the Friendly's brand in Maryland, Delaware, northern Virginia and Washington, DC. Under the agreement with Friendly Ice Cream, DavCo has the right to close 17 of those units. -Nation's Restaurant News

Anaheim, California-CKE Restaurants Inc., franchisor of Carl's Jr and Hardy's restaurants, reported a pro forma net loss of $2.5 million, compared with a loss of $2.9 million last year, as it closes stores and works to pay down debt. Shares of CKE, which owns or franchises about 3,700 restaurants, have fallen about nearly 50 percent since a 52-week high of $4.75 in August 2000. -Reuters

Westbury, New York-Nathan's Famous Inc. reported that its total revenues rose 24.5 percent to $47.1 million for the fiscal year ended March 25. Systemwide sales increased 31.5 percent to $287 million. -Business Wire

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