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Ten-unit chain being acquired for $2.9 million
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Custom Restaurant & Hospitality Group Inc. plans to buy the 10-unit Millie's Restaurant & Bakery chain, Nation's Restaurant News reports. To acquire the assets of the Southern California-based chain, CR&HGI's American Restaurant Concepts Inc. unit will provide seller Millie's Restaurant Inc. with $600,000 in cash and assume $2.3 million in debt, according to documents filed by the buyer with the U.S. Securities & Exchange Commission.
Millie's Restaurants Inc. is controlled by John Bifone, whose Calabee's Inc. operates 10 franchised Applebee's Neighborhood Grill & Bar restaurants. Joe Herrera, Millie's vice president of marketing, told NRN the sale, if completed, would enable Bifone to focus on his Applebee's business and provide the Millie's operation with greater access to capital and other resources needed for growth.
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