Frisch’s closes sale of Golden Corral restaurants

CINCINNATI — Frisch’s Restaurants Inc. has closed on the previously announced sale of all of its Golden Corral operations and real estate consisting of 29 restaurants in Ohio, Indiana, Kentucky, West Virginia and Pennsylvania to Golden Corral Corp. The purchase price for the sale is $49.8 million, before closing adjustments, according to a Frisch’s news release.

The company said it will recognize a loss on the transaction against its pretax earnings in the fourth quarter (ending May 29) of fiscal year 2012, currently estimated between $5.1 million and $5.3 million, which includes transactional costs, and which will result in a loss for the company’s fourth fiscal quarter. For the 2012 fiscal year ending May 29, 2012, the company currently expects to report a profit.

“The closing of this transaction marks an important milestone in our strategic process to enhance shareholder value, and we will continue to focus on that process by evaluating alternative uses for the proceeds from this sale,” said President and Chief Executive Officer Craig F. Maier.

Founded in 1973, privately held Golden Corral Corporation is headquartered in Raleigh, N.C. Golden Corral currently has 485 restaurants in 41 states. Frisch’s operates Frisch’s Big Boy restaurants in Ohio, Kentucky and Indiana.

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