February 5, 1987 |
Marriott Corp. said it has completed the sale to American Restaurant Group Inc. of Newport Beach of several restaurant chains formerly owned by its Saga subsidiary. Terms of the sale were not disclosed, but sources close to the deal valued it at $280 million. The transaction gives American Restaurant Group a total of 328 restaurants. American Restaurant Group was founded by its largest shareholder, Anwar Soliman, and a group of management executives.
June 22, 1989 |
Oy vey! Hershel's Deli & Bakery is swapping its matzo-ball soup for a Tex-Mex menu. The chain of seven New York-style delis is being converted into Spoons restaurants by American Restaurant Group in Newport Beach, which purchased Hershel's this spring. Anwar Soliman, president of American Restaurant Group, bought Hershel's "with the intention of making them into Spoons," a company spokeswoman said Wednesday. The Hershel's restaurants were bought for undisclosed terms from James Collins, chairman of Collins Foods International in Los Angeles.
April 15, 1997 |
American Restaurant Group's recurring losses from operations "raise substantial doubt about its ability to continue as a going concern," the firm's accountants warned in a report filed Monday with the Securities and Exchange Commission. The cautionary notice, reported in a regular SEC filing, said that the company suffers from a "net capital deficit, has a sinking fund payment of $41.5 million due Sept. 15, and may be required to renegotiate its senior debt if it cannot meet amended covenants."
December 24, 1996
American Restaurant Group Inc. said Monday that it has received preliminary proposals from several parties to buy its Stuart Anderson's Black Angus restaurant division. The company has retained Salomon Brothers to evaluate the possible sale of the steakhouse chain, which has 101 outlets and posted revenue of $244 million in 1995.