The board of directors of Applebee's International, Inc. has formed a committee to explore strategic alternatives to enhance shareholder value, including a possible re-capitalization or sale of the company. The committee retained Citigroup Global Markets Inc. and Bank of America Securities LLC as financial advisors. Applebee's operates 1,942 restaurants in 49 states and 17 countries.
Best Buy Co., Inc. will open approximately 130 new stores in the United States, Canada and China during its 2008 fiscal year. The company expects its global retail space to grow 10 percent, to approximately 46 million square feet.
Wendy's International, Inc. entered into an agreement to purchase up to $300 million of its common shares from a broker-dealer in an accelerated share repurchase transaction. The company's board of directors had previously approved a share repurchase program of up to 35.3 million shares.
NPC International, Inc. signed an asset purchase agreement with Pizza Hut of Idaho, Inc., Rocky Mountain Pizza Huts, Inc., Northwest Restaurant Group, Inc. and Northern Idaho Pizza Huts, Inc. to acquire 59 Pizza Hut units in Idaho, Oregon and Washington for $27.1 million. In 2006, the 59 units generated a total of $46.7 million in sales.
Red Robin Gourmet Burgers, Inc. signed a nonbinding letter of intent to acquire the assets of 17 Red Robin franchised restaurants in California for $47.5 million in cash. The agreement also provides for up to an additional $3 million purchase price earn-out to be paid in 2008. The restaurants are currently owned by Top Robins Ventures and Morite of California. If completed, the transaction will close in the second quarter of 2007.
Tiffany & Co. will open two boutiques in department stores in Tokyo and Hiroshima in the spring of 2007, bringing the total of Tiffany's Japanese locations to 55. The company will also open a new boutique in Singapore's Changi Airport this April.