Golden Corral is buying 29 restaurants in five states from a franchisee that had planned to sell them to an Atlanta restaurant company.
The Raleigh-based restaurant chain is exercising its right of first refusal to buy the outlets in Ohio, Indiana, Kentucky, West Virginia and Pennsylvania from Frisch’s Restaurants, a publicly traded restaurant chain headquartered in Cincinnati. Financial terms weren’t disclosed, although Frisch’s said they would be released when the deal is completed.
Frisch’s, which also has a chain of Frisch’s Big Boy restaurants, announced earlier this month that it had agreed to sell its Golden Corral properties to NRD Holdings of Atlanta, which operates Popeyes, Checkers, Rally’s and Domino’s franchises in several states. But on Thursday Frisch’s announced that Golden Corral had exercised its right to match NRD’s offer.