Famous Dave's Receives Unsolicited Offer for Tulsa Location, Sale Completed March 2, 2012
MINNEAPOLIS, March 2, 2012 // GLOBE NEWSWIRE // -- Famous Dave's of America, Inc. (Nasdaq:DAVE) announced today that it has sold its Tulsa, Oklahoma location. Famous Dave's last day of operations in Tulsa will be March 2, 2012. The terms of the sale and buyer information have not been disclosed.
"This was a unique situation as Famous Dave's was not seeking to exit the market. When we received an unsolicited offer from a real estate developer for this corporate location, we determined that it was highly attractive for a number of reasons, despite having to close down a market. The offer affords us the opportunity to open the Tulsa market, and the rest of Oklahoma, as a strong franchise market, while focusing corporate growth where we have existing locations and can achieve market penetration," said Christopher O'Donnell, Famous Dave's President and CEO.
O'Donnell added, "We want to extend our sincere gratitude and thanks to the residents of Tulsa and the neighboring communities who were loyal fans of Famous Dave's since September of 2002. We were proud to have been part of this outstanding community. We also want to express our heartfelt appreciation to the Tulsa Famous Dave's team who took pride in exceeding our guests' expectations and strove to make every guest's experience memorable and 'Famous'. Famous Dave's continues to expand nationwide and anticipates opening an additional 10 to 12 restaurants in 2012.
About Famous Dave's
Famous Dave's of America, Inc. (Nasdaq:DAVE) develops, owns, operates and franchises barbeque restaurants. As of the end of fourth quarter 2011, the company owns 54 locations and franchises 133 additional units in 37 states. The menu features award-winning barbequed and grilled meats, salads, and a large selection of BBQ sandwiches and side items. Famous Dave's has won over 500 awards for everything from best ribs to best Bar-B-Que sauce to best cookbook. For more information, please visit www.famousdaves.com.
The Famous Dave's of America, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=7726
Statements in this press release that are not strictly historical, including but not limited to statements regarding the timing of our restaurant openings and the timing or success of our expansion plans, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, which may cause the company's actual results to differ materially from expected results. Although Famous Dave's of America, Inc. believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to differ materially from Famous Dave's expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic conditions, availability of financing, governmental approvals and other risks detailed from time to time in the company's SEC reports.
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Image: Famous Dave's of America Logo
Famous Dave's of America