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The Nashville-based restauranteur (Nasdaq: CHUX) said Monday it has entered into an agreemen t with to take over food and supply distributiofor O’Charley’s 116 Ninety Nine locationd and to sell relatex assets at its distribution facility in Mass. O’Charley’s said it expects the changer to reduce its investmentin non-restaurant assetzs and cut ongoing expenses by $200,000 to $400,000 annually. Reinhart will purchase all of O’Charley’s assets in Bellingham for estimated cash proceeds ofbetweenb $6 million and $8 The deal is expected to closw in mid-August.
Reinhart will subleaser and continue to operate the Bellingham facility for an interim expected to be less than one as it expands its existingb distribution facility inNew Bedford, Mass., to take over the O’Charley’s operates or franchises 371 restaurantss under three brands: O’Charley’s, Ninety Nine Restaurant, and Stonegy River Legendary Steaks. The O’Charley’sa concept includes 245 restaurants in 20 states in the Southeasytand Midwest.
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