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CKE Restaurants to Team With Shell, Texaco

July 01, 1999|Greg Hernandez

Carl's Jr. parent CKE Restaurants Inc. said it's teaming up with Shell and Texaco to open at least 45 Carl's Jr. and Hardee's restaurants with gas stations during the next two years. The plan calls for restaurants to be built alongside gas stations at a cost of about $1 million each, to be divided between the two parties. If the partnership proves successful, Carl's and the oil giants hope to open about 1,000 of the businesses across the country, boosting the number of CKE units by 25% to more than 5,000. Competitors such as Taco Bell, Subway and Blimpies have been appearing inside gas stations for several years, typically offering limited menus. The Carl's and Hardee's will be full-scale restaurants with seating and drive-through windows. The restaurants will be built on existing Shell or Texaco sites and on additional property still to be purchased. CKE shares gained 69 cents to close at $16.25 on the NYSE.

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