SPARTANBURG, S.C. - March 11, 2013 // GLOBE NEWSWIRE // - Denny's Corporation (Nasdaq:DENN), franchisor and operator of one of America's largest full-service restaurant chains, today announced that it and Great China International Group (GCIG) have mutually decided to cancel the plans for GCIG to develop franchise restaurants in southern China.
The Company reiterates its full year 2013 guidance for new restaurant openings between 40 and 45 restaurants.
John Miller, Denny's President and Chief Executive Officer, stated, "We continue to believe that Denny's has great potential in the Pacific Rim in general, and China in particular, and are actively seeking development partners who share that vision. In 2012, we signed our first development partnership for South America and are looking forward to opening our first location in Chile sometime in the next 12 months, which will help us grow our current base of 98 International restaurants located in nine countries and U.S. territories."
Steve Dunn, Denny's Senior Vice President of Global Development said, "We have great respect for the varied business interests and capabilities of GCIG and understand their need to focus on other projects. We wish them continued success and hope to work with them again."
Denny's is the franchisor and operator of one of America's largest full-service restaurant chains, based on number of restaurants. Denny's currently has 1,688 franchised, licensed, and company restaurants around the world with combined sales of $2.5 billion including 1,590 restaurants in the United States and 98 restaurants in Canada, Costa Rica, Mexico, Honduras, Guam, Curaçao, Puerto Rico, Dominican Republic and New Zealand. As of December 26, 2012, 1,524 of Denny's restaurants were franchised and 164 restaurants were company operated. 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 at investor.dennys.com.
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Liz DiTrapano, ICR