Denny’s Expanding Global Franchising Presence to Chile
Signs Exclusive Development Agreement to Open 10 Denny’s Restaurants
SPARTANBURG, S.C. - August 28, 2012 - (BUSINESS WIRE) - Denny’s Corporation (NASDAQ: DENN), franchisor and operator of one of America's largest full-service restaurant chains, today announced that it has signed an agreement with Musiet Group for the development of 10 new Denny’s restaurants in Chile over the next 15 years. The Musiet Group has exclusive rights to open units in the country and expects the first restaurant will open in Santiago in 2013.
The Musiet Group is a family operated company with diversified holdings throughout Chile that include being the master franchisee for Ruby Tuesday, a U.S. based casual dining restaurant chain. The company has demonstrated a successful track record developing local restaurant concepts as well in Santiago. The group also owns and operates PAL Airlines with service routes throughout Central and South America.
John Miller, Denny’s President and Chief Executive Officer, stated, “We are making significant progress expanding the Denny’s brand internationally with the right franchise partners and this is further evidence of our momentum. This significant development agreement is our first major expansion in South America and is one of the brand’s largest international development agreements to date.”
Rolando Musiet, President of the Musiet Group, commented, “We are very proud to be selected by Denny’s to be the exclusive developer for Chile. Our idea is to replicate the successful Denny’s model and differentiate ourselves from other restaurants by offering Denny’s craveable breakfast, lunch and dinner items served 24-hours a day in an inviting, comfortable atmosphere.”
Denny’s Senior Vice President of Global Development, Steve Dunn, added, “It is an honor to have the opportunity to work with such an experienced group which has demonstrated a record of success in Chile. Denny’s will be the first American family dining brand to enter Chile and we are very excited to bring the iconic Grand Slam to the new customers.”
As Denny’s approaches its 60th anniversary and 1,700th location, the Company expects that the Denny’s brand will become one of the largest American full service brands in the world. Through its America’s Diner brand positioning, it is providing current and new guests the promise of everyday value with craveable, indulgent products served in a friendly and inviting atmosphere. Together with its talented and committed franchisees, the Company will work to continue to expand the Denny’s platform through all types of distribution points around the globe.
Denny's is the franchisor and operator of one of America's largest full-service restaurant chains, based on number of units. As of June 27, 2012, Denny’s had 1,684 franchised, licensed, and company-owned restaurants across the United States, Canada, Costa Rica, Mexico, Honduras, Guam, Curaçao, Puerto Rico, Dominican Republic and New Zealand. For further information on Denny's, including news releases, links to SEC filings and other financial information, please visit the Denny's investor relations website. For further information on Denny's international franchising please visit the Denny's franchise development website at dennysfranchising.com.
About The Musiet Group
The Musiet Group is a family operated company with diversified holdings throughout Chile that include being the master franchisee for Ruby Tuesday, a U.S. based casual dining restaurant chain, and developing local restaurant concepts in Santiago, Chile. The group also owns and operates PAL Airlines which services routes throughout Chile and other international destinations in Central and South America.
Forward Looking Statements
The Company urges caution in considering its current trends and any outlook on earnings disclosed in this press release. In addition, certain matters discussed in this release may constitute forward-looking statements. These forward-looking statements, which reflect our best judgment based on factors currently known, are intended to speak only as of the date such statements are made and involve risks, uncertainties, and other factors that may cause the actual performance of Denny’s Corporation, its subsidiaries and underlying restaurants to be materially different from the performance indicated or implied by such statements. Words such as “expects”, “anticipates”, “believes”, “intends”, “plans”, “hopes”, and variations of such words and similar expressions are intended to identify such forward-looking statements. Except as may be required by law, the Company expressly disclaims any obligation to update these forward-looking statements to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Factors that could cause actual performance to differ materially from the performance indicated by these forward-looking statements include, among others: the competitive pressures from within the restaurant industry; the level of success of the Company’s strategic and operating initiatives, advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; terms and availability of capital; regional weather conditions; overall changes in the general economy, particularly at the retail level; political environment (including acts of war and terrorism); and other factors from time to time set forth in the Company’s SEC reports and other filings, including but not limited to the discussion in Management’s Discussion and Analysis and the risks identified in Item 1A. Risk Factors contained in the Company’s Annual Report on Form 10-K for the year ended December 28, 2011 (and in the Company’s subsequent quarterly reports on Form 10-Q).
Denny’s Franchise Development