RTM Group Selling 41 Shoney's
Nov. 05, 1997
ATLANTA (AP) _ RTM Restaurant Group is selling its 41 Shoney's locations in the Atlanta area to Solomon Restaurant Group, another big operator of restaurant franchises.
Terms of the deal were not disclosed.
RTM said it will concentrate on its other brands, which include Arby's, Del Taco, Mrs. Winner's Chicken & Biscuits and Lee's Famous Recipe Chicken.
RTM said Tuesday the sale had nothing to do with the highly publicized squabble between Shoney's management and Atlanta restaurateur Raymond D. Shoenbaum, son of the chain's founder.
Schoenbaum had begun efforts in June to oust Shoney's top executives, but ended his takeover bid Aug. 11 after a settlement that placed him on the Shoney's board.
Solomon, based in Texas, also operates eight Checkers restaurants in Atlanta and Macon, Ga. Its other holdings include franchises for Wendy's, Burger King and Church's Chicken.
RTM is the nation's largest Arby's franchisee, with 685 of the roast beef restaurants among the 831 fast-food locations it operates. It has more than $625 million in annual sales.