P.M. BRIEFING : Franchisees Offer to Buy Out Arby’s
A group of eight franchisees said today it has offered more than $200 million in cash to buy Arby’s fast food chain from DWG Corp., the holding company controlled by industrialist Victor Posner.
The group, calling itself R. B. Partners Ltd., said it made the offer Aug. 1 in a letter to Posner, who has so far not responded.
In a letter to fellow franchisees, the group said Posner’s legal and financial problems could threaten the future of Atlanta-based Arby’s. Posner pleaded no contest in 1987 to federal income tax evasion and was sentenced last year to five years probation on the condition that he pay all his back taxes, penalties and interest, the cost of prosecuting his case and create a $3-million homeless fund.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
