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May 22, 2002

USA: Landry’s acquires Chart House restaurants for US$45.5m

US foodservice group Landry’s Restaurants Inc has agreed to acquire all 38 Chart House and one Peohe’s restaurant from beleaguered company Chart House Enterprises Inc. Landry’s will pay US$45.5m for the 39 eateries. While it will assume limited working capital liabilities with the purchase, Landry’s will not assume any existing Chart house bank or subordinated debt.

US foodservice group Landry’s Restaurants Inc has agreed to acquire all 38 Chart House and one Peohe’s restaurant from beleaguered company Chart House Enterprises Inc.

Landry’s will pay US$45.5m for the 39 eateries. While it will assume limited working capital liabilities with the purchase, Landry’s will not assume any existing Chart house bank or subordinated debt.

The move prompted the group to hike its earnings forecasts for next year, while shares in Landry’s rose 1.4% to 35 cents to US$25.40.

“It looks like the acquisition plays right into (Landry’s) strengths: some high-profile locations, a business that has not been run optimally and an attractive price,” said Barry Stouffer, an analyst at BB&T Capital Markets of Richmond, Virginia.

Houston, Texas-based Landry’s, operates 213 seafood outlets nationwide under Landry’s Seafood House, Joe’s Crab Shack and other names. The group said the waterfront locations of the Chart House proved a key factor for the acquisition.

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How are consumer tech and delivery trends impacting the Foodservice sector?

Consumers are now accessing foodservice propositions via mobile and online technology at significant levels. This shift comes as a result of permanent lifestyles changes, accelerated by the COVID-19 pandemic. Such changes hold important implications for foodservice operators and brands. GlobalData’s free report on Consumer Tech and Delivery Trends in Foodservice decodes this new landscape and provides actionable insights for operations, delivery, and marketing – offering customer engagement solutions in the foodservice value chain. Download this free report for:
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  • Case studies of brands who are already successfully leveraging these new tech and delivery trends
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