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Cheesecake Factory Plans Public Offering

September 24, 1997|Reuters

Cheesecake Factory Inc. said it plans to raise about $56 million in a public stock offering to help reduce debt and open more restaurants. The Calabasas-based chain filed with the Securities and Exchange Commission to offer as many as 2 million common shares. A group of shareholders, including the company's top executive, David Overton, will separately sell an additional 700,000 shares in the offering. After the offering, the company will have 12.9 million shares outstanding. The company operates 20 restaurants and plans to open 12 more by the end of 1998 in cities such as Irvine; Las Vegas; Cambridge, Mass.; and Miami.

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