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Struggling Steak Chain Sold

February 24, 1999

LINCOLN, Neb. (AP) _ Struggling Austin Steaks & Saloon of Lincoln has agreed to a purchase offer from the Roanoke, Va.-based Western Sizzlin Corp., a family-style steak, buffet and bakery chain based in Roanoke, Va.

Terms of the deal were not disclosed.

Austins closed its Lincoln restaurant last year but has four restaurants in Omaha and one each in Scottsdale, Ariz.; Santa Fe, N.M.; and Albuquerque, N.M.

For the nine months ended Sept. 30, the company reported net losses of $261,000. Revenue for the same period was $7 million, down 3 percent from the previous year.

Western Sizzlin president Victor Foti will become Austins president and chief executive after the deal is approved.

Austins will become part of Western Sizzlin, which operates restaurants under the Great American Buffet and Western Sizzlin names. With the Austins acquisition, Western Sizzlin will have 29 company-owned and 230 franchised restaurants in 25 states.

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