Flagstar Companies Inc

Flagstar Corp. Chairman and Chief Executive Officer James B. Adamson has been awarded the 1996 Corporate CEO Achievement Award by the National Assn. for the Advancement of Colored People. The award is of interest in Southern California because Flagstar is the Spartanburg, S.C.-based parent company of the Denny's chain, which in 1994 announced a $54.4-million discrimination settlement with U.S. government officials.

Financially troubled Family Restaurants Inc. has agreed to sell its nearly 330 Coco's and Carrows family-style restaurants to Flagstar Cos. Inc. in a deal valued at $306.5 million, the companies said Monday. The acquisition of the 170-unit Coco's and 157-unit Carrows chains would transform Spartanburg, S.C.-based Flagstar, which operates the El Pollo Loco and Denny's chains, into one of California's largest restaurant operators, with more than 900 eateries in the Golden State.

Financially troubled Family Restaurants Inc. has agreed to sell its nearly 330 Coco's and Carrows family-style restaurants to Flagstar Cos. in a deal valued at $306.5 million, the companies said Monday. The acquisition of the 170-unit Coco's and 157-unit Carrows chains would transform Spartanburg, S.C.-based Flagstar, which operates the El Pollo Loco and Denny's chains, into one of California's largest restaurant operators, with more than 900 eateries in the Golden State.

In a surprise move that followed years of racial controversy and a losing quarter, Flagstar Chairman Jerry Richardson, co-founder of the Denny's and Hardee's restaurant chains, announced his resignation Tuesday, effective immediately. Richardson, 58, stunned more than 200 shareholders by delivering the news at the end of Flagstar Cos.' annual meeting.

U.S. government officials and civil rights advocates, hailing a "new partnership" dedicated to weeding out racism in commercial establishments, announced a record $54.4-million discrimination settlement with the Denny's restaurant chain Tuesday. The settlement, which earmarks $28 million for victims of discrimination at California Denny's restaurants, closes the book on two class-action lawsuits that became a modern version of the lunch-counter protests of the civil rights movement's early days.

U.S. government officials and civil rights advocates, hailing a "new partnership" dedicated to weeding out racism in commercial establishments, announced a record $54.4-million discrimination settlement with the Denny's restaurant chain Tuesday. The settlement, which earmarks $28 million for victims of discrimination at California Denny's restaurants, closes the book on two class-action lawsuits that became a modern version of the lunch-counter protests of the civil rights movement's early days.