Outback Steakhouse, Inc. Announces Sale of Interest in Paul Lee's Chinese Kitchen Joint Venture
January 30 2006 - 5:05PM
PR Newswire (US)
TAMPA, Fla., Jan. 30 /PRNewswire-FirstCall/ -- Outback Steakhouse,
Inc. (NYSE:OSI) announced today that it has an agreement in
principle to sell its fifty percent (50%) interest in the Paul
Lee's Chinese Kitchen joint venture to founder and veteran
restaurateur Paul Fleming. Founded in September of 2004, Paul Lee's
Chinese Kitchen currently has four locations. OSI has also
announced that the Citrus Park location, which opened in October of
2004, will close February 1 and will be converted to a Carrabba's
Italian Grill. "We believe the success of the continued evolution
of the Paul Lee's Chinese Kitchen brand will be best served under
Paul Fleming's stewardship," says Bill Allen, CEO of OSI. "Paul has
a long history of success in creating and developing restaurant
brands and we are confident he will enjoy similar success with Paul
Lee's. As a measure of our confidence in Paul and his team, we have
retained the option to re-enter the joint venture in the future."
The Outback Steakhouse, Inc. restaurant system operates 915 Outback
Steakhouses, 200 Carrabba's Italian Grills, 90 Bonefish Grills, 39
Fleming's Prime Steakhouse and Wine Bars, 20 Roy's, 27 Cheeseburger
In Paradise restaurants and three Lee Roy Selmon's in 50 states and
21 countries internationally. First Call Analyst: FCMN Contact:
mandyshaw@outback.com DATASOURCE: Outback Steakhouse, Inc. CONTACT:
Dirk Montgomery or Lisa Hathcoat, both of Outback Steakhouse, Inc.,
+1-813-282-1225 Web site: http://www.outback.com/
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