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Restaurant Industry News
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Friday November 21st, 2008 |
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Buffalo Wild Wings, Inc. Announces Completion of Purchase of Nine Las Vegas Franchised Restaurants
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Buffalo Wild Wings, Inc. (Nasdaq: BWLD), today announced the completion of the $23 million asset acquisition of nine Buffalo Wild Wings(R) franchised restaurants in the Las Vegas, Nevada area. The transaction was funded with available cash and marketable securities. |
'We have completed the lengthy gaming license process and are very pleased to announce the long-awaited acquisition of the nine Las Vegas restaurants,' commented Sally Smith, President and Chief Executive Officer. 'We have an experienced team on the ground in Las Vegas welcoming our new team members and actively implementing our transition plan to ensure a smooth conversion of these units to company-owned restaurants. We are excited to continue building the Buffalo Wild Wings brand in Nevada.'
Average weekly sales for these restaurants, which includes net restaurant sales from food, beverage, and gaming, was approximately $53,300 for the twelve months ending June 2008, compared to average weekly sales of $54,900 during the similar period a year ago. Comparable units will be included in the calculation of same-store sales for company-owned restaurants in the fourth quarter of 2008. The Company expects the transaction to be neutral to earnings in the fourth quarter and accretive to earnings in 2009.
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