Prandium to Sell Hamburger Hamlet
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Prandium Inc. said it is selling its Hamburger Hamlet chain because the debt-burdened company doesn’t have the resources to finance expansion.
Irvine-based Prandium, which warned last month that it might file a bankruptcy petition, runs 14 Hamburger Hamlet restaurants in Southern California and the Washington, D.C., area. Company officials weren’t available for comment.
Prandium, which also operates the Koo Koo Roo and Chi-Chi’s restaurant chains, said it acquired Hamburger Hamlet in October 1998. Hamburger Hamlet generated $33 million in sales last year.
Prandium’s shares rose three-tenths of a cent to close at 4 cents in over-the-counter trading. The news was released after regular U.S. trading hours.
In the first quarter, Prandium’s losses nearly doubled to $12.4 million on sales of $76 million.
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