Ark Restaurants Announces Cancellation of March Dividend Payment
July 02 2020 - 4:05PM
Business Wire
Ark Restaurants Corp. (NASDAQ: ARKR) today announced
cancellation of its March dividend payment. On March 13, 2020, the
Company 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 determined that it was appropriate for
the Company to defer payment of the dividend that was declared on
March 2, 2020. Based on the information that was available at that
time, the payment of such dividend was deferred until such time as
the Board of Directors determined that payment may have been
appropriate. However, in light of the events that have occurred
since March 13, 2020 related to the COVID-19 pandemic, as well as
the rapid development and fluidity of this situation, such dividend
was canceled by the Board of Directors on July 1, 2020 and will not
be paid.
About Ark Restaurants Corp.
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.
Cautionary Note Regarding Forward-Looking Statements
Except for historical information, this news release contains
forward-looking statements, within the meaning of Section 27A of
the Securities Act of 1933, as amended and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements
involve unknown risks, and uncertainties that may cause the
Company's actual results or outcomes to be materially different
from those anticipated and discussed herein. Important factors that
might cause such differences are discussed in the Company's filings
with the Securities and Exchange Commission. The Company disclaims
any intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Actual results could differ materially from those
anticipated in these forward- looking statements, if new
information becomes available in the future.
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version on businesswire.com: https://www.businesswire.com/news/home/20200702005552/en/
Anthony J. Sirica (212) 206-8800
ajsirica@arkrestaurants.com
Ark Restaurants (NASDAQ:ARKR)
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