AFC Enterprises AFCE, the franchisor and operator of Popeyes
Louisiana Kitchen restaurants, announced that it has entered into a definitive
agreement to acquire 28 restaurants in Minnesota and Northern California at a
price of $13.8 Million.
The restaurants are currently in the trade image of another quick service
restaurant concept. The Company intends to convert the restaurants to Popeyes
Louisiana Kitchen restaurants at a cost of approximately $11.5 Million.
Following the conversion, the restaurants will be leased to Popeyes
franchisees to operate.
The purchase agreement is subject to bankruptcy court approval and the
acquisition is expected to close in November.
Cheryl Bachelder, AFC Enterprises, Inc. CEO said, “The rapid opening of 28 new
Popeyes restaurants will give Popeyes a major footprint in places where we
currently have almost no presence. We are delighted at this opportunity to
accelerate the growth of the Popeyes system and to bring Popeyes' fresh new
image and flavorful food to the people of Minneapolis/St. Paul and Northern
California.”
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