Financial News
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Denver-Sandwich chain Quizno's Corp. has agreed to asweetened takeover offer of $8.50 a share from a management-ledgroup. Under the agreement, the company will be merged with acorporation formed by president Richard E. Schaden and vicepresident Richard F. Schaden, who together also own about 68percent of the company's outstanding common shares. Completionof the deal is subject to approval by holders of a majorityQuizno's outstanding common stock. -Reuters
Wilbraham, Massachusetts-The largest franchisee in theFriendly Ice Cream Corp. chain, DavCo Restaurants Inc., has hiredCNL Advisory Services Inc. to help it dispose of its 48restaurants, according to Robert Hogan, Friendly Ice Cream'schief marketing officer and senior vice president. Crofton,Maryland-based DavCo terminated its exclusive development rights tothe Friendly's brand in Maryland, Delaware, northern Virginiaand 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 ofCarl's Jr and Hardy's restaurants, reported a pro forma netloss of $2.5 million, compared with a loss of $2.9 million lastyear, as it closes stores and works to pay down debt. Shares ofCKE, which owns or franchises about 3,700 restaurants, have fallenabout nearly 50 percent since a 52-week high of $4.75 in August2000. -Reuters
Westbury, New York-Nathan's Famous Inc. reported thatits total revenues rose 24.5 percent to $47.1 million for thefiscal year ended March 25. Systemwide sales increased 31.5 percentto $287 million. -Business Wire
