Casa Bonita Denver Obtains Lease Extension
18 Avril 2014 - 10:00PM
Star Buffet, Inc. (STRZ.PK) was informed yesterday that the JCRS
Shopping Center (the center where Casa Bonita-Denver operates) has
been sold to BSV Lamont JCRS, LLC. ("BSV Lamont"). Prior to the
sale of the JCRS Shopping Center, Casa Bonita-Denver had been
operating on a month-to-month lease. Unfortunately, as of yet,
management has not received a lease renewal proposal from BSV
Lamont that permits Casa Bonita-Denver to continue to operate
profitably. BSV Lamont did agree, however, to provide Casa
Bonita-Denver a short-term extension so that lease negotiations can
continue. Hopefully, the two parties will be able to reach an
accord that will allow Casa Bonita-Denver, which recently
celebrated its 40th anniversary, to operate in Lakewood, Colorado
for many years to come.
Casa Bonita-Denver has historically operated on a profitable
basis. Projected cashflows from Casa Bonita-Denver's continued
operations were an integral element of the company's
Recapitalization Plan (the "Plan") approved in late 2012. However,
at this point, if Casa Bonita-Denver is forced to close at the end
of the short-term lease extension, management believes that it will
still be able to fulfill all Plan commitments. Additionally, once
commitments to Plan participants are met, management forecasts that
the company will remain profitable, regardless of the outcome of
the Casa Bonita-Denver lease negotiations.
Safe Harbor Statement
Statements that are not historical facts contained in this
release are forward-looking statements that involve risks and
uncertainties, and actual results could vary materially from the
descriptions contained herein due to many factors, including, but
not limited to, product demand and market acceptance risks, the
effect of economic conditions, the impact of competitive products
and pricing, the results of financing efforts, implementation of
the Company's acquisition and strategic alliance strategy, the
effect of the Company's accounting policies and other risks
detailed in the Company's Form 10-K for its fiscal year ended
January 25, 2010, and other filings with the Securities and
Exchange Commission. Copies of all of the Company's filings with
the SEC are available to the public on the SEC's web site at
http://www.sec.gov. The Company undertakes no obligation to update
any forward-looking statements.
About Star Buffet, Inc.
Star Buffet, Inc. is a multi-concept restaurant operator. As of
April 18, 2014, Star Buffet, Inc. through its subsidiaries,
operates five 4B's restaurants, four JB's restaurants, two
Barnhill's Buffet restaurants, two Western Sizzlin restaurants, two
Pecos Diamond Steakhouses, one Casa Bonita Mexican theme
restaurant, one BuddyFreddys restaurant and one Bar-H Steakhouse.
Additionally, the company leases five owned restaurants to
independent operators.
CONTACT: Robert E. Wheaton
President, CEO
Star Buffet, Inc.
(602) 684-5536
Star Buffet (CE) (USOTC:STRZ)
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