FAT Brands Partners With Kitopi To Expand In Middle-East

FAT Brands Inc FAT has partnered with franchisee Kitopi to open 136 brick-and-mortar restaurant locations across five countries in the Middle East. The financial terms of the deal were not disclosed.
Under the deal, six FAT Brands concepts will be opened over the next five years, including Fatburger, Johnny Rockets, Buffalo's Cafe, Great American Cookies, Elevation Burger, and Yalla Mediterranean.
The company aims to expand in the United Arab Emirates, Kingdom of Saudi Arabia, Bahrain, Qatar, and Kuwait.
FAT Brands concepts will be available within the next year through Kitopi's existing footprint of more than 70 managed cloud kitchens, also known as ghost kitchens, throughout the region.
Price Action: FAT shares traded lower by 0.09% at $11.74 in premarket trading on the last check Tuesday.