COSTA MESA — Islands Restaurants has sold an exclusive worldwide license to Chart House Enterprises Inc. to develop and operate Islands restaurants and to take over management of existing Islands restaurants, the companies said Friday.
The companies did not reveal how much Chart House, in Solana Beach, paid for the license. The agreement gives Chart House exclusive control of Islands restaurant operations and development rights and calls for it to open at least five Islands restaurants each year.
Early in 1994, the Costa Mesa company will change its name to an as yet undisclosed name, and Chart House's Big Wave subsidiary will identify itself as Islands Restaurants Inc.
Current Islands Restaurants owners Anthony DeGrazier and John Wagner will join the Chart House subsidiary's board of directors.
Chart House's Big Wave subsidiary operates five Islands restaurants under an existing license that includes development rights in Florida, Arizona and San Diego. Big Wave also agreed to take over management of 15 existing Islands restaurants in the Orange and Los Angeles counties and the Dallas metropolitan areas.