June 17, 1997 |
Deal-maker William P. Foley II's fast-track plan to build a national restaurant company around his Carl's Jr. chain hit a speed bump on Monday when Rally's Hamburgers Inc. and Checkers Drive-In Restaurants Inc. abandoned a planned merger. The two companies dropped their previously announced merger after determining that the Securities and Exchange Commission planned to subject the deal to accounting methods that would cause "financial problems," the companies said.
October 11, 1997
Louisville, Ky.-based Rally's Hamburgers Inc. named William Foley II chairman as the restaurant operator pursues a plan to consolidate operations with Checkers Drive-In Restaurants Inc. Foley is chairman of Anaheim-based CKE Restaurants Inc., which operates Rally's and other restaurants. He replaces Burt Sugarman, who will remain a director. . . . Indianapolis-based Thomson Consumer Electronics offered early retirement to about 1,300 workers, or more than 40% of its salaried work force in the U.
November 15, 1996 |
CKE Restaurants Inc. said it and a group of related buyers paid $35.1 million for $36 million of Checkers Drive-In Restaurants Inc.'s debt. CKE, which operates the Carl's Jr. restaurants and has a stake in the Rally's Hamburgers Inc. chain, said it and the new holders will restructure the debt with Checkers, a troubled fast-food restaurant operator. The debt cannot be converted into equity in Checkers, said Joseph Stein, CKE's chief financial officer. Shares in CKE rose 25 cents to $29.
November 3, 1998 |
Rally's Hamburgers Inc., a fast-food chain, and Checkers Drive-In Restaurants Inc. called off their proposed combination with Los Angeles-based holding company Giant Group Ltd. The three companies had announced a plan to merge in September. A "definitive merger agreement could not be finalized within the allowed time period," the companies said in a statement. The three firms, which have unsuccessfully tried to combine previously, remain linked.
June 6, 2001 |
Fast-food hamburger chain Checkers Drive-In Restaurants Inc. said it plans to take over 18 California and three Arizona restaurants from its biggest shareholder, CKE Restaurants Inc. in Anaheim. The Clearwater, Fla., company said CKE, owner of Carl's Jr. and Hardee's chains, has been operating 21 Rally's restaurants since 1996 under an agreement with then-troubled Rally's Hamburgers Inc., which since has merged with Checkers. CKE owns 11.2% of Checkers, down from 16.6% nearly two years ago.
December 6, 2000
* Theodore Abajian has been promoted to chief executive of Santa Barbara Restaurant Group, operator and franchiser of La Salsa, Timber Lodge Steakhouse and Green Burrito restaurants. Abajian joined the Santa Barbara-based company in 1998 and most recently served as chief financial officer while holding the same position at Checkers Drive-In Restaurants Inc., a Florida-based franchiser. Orange County financier William Foley is chairman of both restaurant companies. * Black & Decker Corp.