Tilman Fertitita adds Mitchell's Restaurants to his restaurant empire
SEAFOODNEWS.COM [Nation's Restaurant News] By Jonathan Maze - November 18, 2014 -
Ruth’s Hospitality Group Inc. has reached an agreement to sell its Mitchell’s restaurants to Landry’s Inc. for $10 million, significantly less than the $92 million Ruth’s paid for the concept, Winter Park, Fla.
The deal includes 18 Mitchell’s Fish Market locations and three Cameron’s Steakhouse units. The sale is expected to close within 75 days, and enables Ruth’s to concentrate on one concept, Ruth’s Chris Steak House. In addition to the sale, Ruth’s said it plans to repurchase as much as $50 million in company stock.
The sale adds another seafood concept to Houston-based Landry’s portfolio. Its brands include Landry’s Seafood, Bubba Gump Shrimp Co., The Oceanaire and McCormick & Schmick’s, among others.
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