Ark Restaurants Announces Deferral of Dividend Payment
March 13 2020 - 04:40PM
Business Wire
Ark Restaurants Corp. (Nasdaq: ARKR) today announced that, in
light of the unprecedented circumstances and rapidly changing
situation with respect to the coronavirus disease (COVID-19), as
part of an overall plan to preserve cash flow, the Board of
Directors has determined that it is appropriate for the Company to
defer payment of the dividend that was declared on March 2, 2020.
Payment of such dividend, which was scheduled for April 6, 2020 to
shareholders of record on March 16, 2020, will be deferred until
such time as the Board of Directors determines that payment is
appropriate. Management is taking all necessary and appropriate
actions during this uncertain time to protect the ongoing
operations of the business which includes significant reductions in
operating expenses to reflect reduced sales levels as well as
eliminating all non-essential spending.
Ark Restaurants owns and operates 20 restaurants and bars, 17
fast food concepts and catering operations primarily in New York
City, Florida, Washington, D.C, Las Vegas, Nevada and the Gulf
Coast of Alabama. Five restaurants are located in New York City,
two are located in Washington, D.C., five are located in Las Vegas,
Nevada, three are located in Atlantic City, New Jersey, three are
located on the east coast of Florida and two are located on the
Gulf Coast of Alabama. The Las Vegas operations include four
restaurants within the New York-New York Hotel & Casino Resort
and operation of the hotel's room service, banquet facilities,
employee dining room and six food court concepts and one restaurant
within the Planet Hollywood Resort and Casino. In Atlantic City,
New Jersey, the Company operates a restaurant and a bar in the
Resorts Atlantic City Hotel and Casino and a restaurant in the
Tropicana Hotel and Casino. The operation at the Foxwoods Resort
Casino consists of one fast food concept. The Florida operations
include the Rustic Inn in Dania Beach, Shuckers in Jensen Beach and
JB’s on the Beach in Deerfield Beach, and the operation of four
fast food facilities in Tampa and six fast food facilities in
Hollywood, each at a Hard Rock Hotel and Casino operated by the
Seminole Indian Tribe at these locations. In Alabama, the Company
operates two Original Oyster Houses, one in Gulf Shores and one in
Spanish Fort.
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version on businesswire.com: https://www.businesswire.com/news/home/20200313005504/en/
Anthony J. Sirica (212) 206-8800 ajsirica@arkrestaurants.com
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