Shoney's Reviewing Strategic Opportunities
Nashville, Tennessee-Shoney's Inc., which owns, operates and franchises 998 restaurants, including those in the Captain D's Seafood chain, has hired Bank of America to help review "strategic opportunities," a term often used to suggest a company is considering putting itself up for sale.
On June 12, Shoney's completed the sale of its wholly owned subsidiary, Commissary Operations Inc. Three days later, the company named a new CFO.
The company posted a loss of $9.1 million in the first quarter of 2001 on revenues of $226.5 million. -Reuters