Foodmaker Sells Stake in Family Restaurants: San Diego-based Foodmaker said it sold its 39% stake in Family Restaurants Inc. to Apollo FRI Partners, another Family Restaurants shareholder. Financial terms of the transaction weren't disclosed. Foodmaker sold its stake to avoid having to guarantee additional debt Family Restaurants is seeking from its lenders, said Charles Duddles, Foodmaker's chief financial officer. Foodmaker took a $144.8-million first-quarter charge this year to write off the investment in Irvine-based Family Restaurants, which operates Chi-Chi's, El Torito, Coco's, Carrows and Charley Brown's restaurants. Foodmaker operates and franchises Jack in the Box restaurants. Foodmaker shares closed up 25 cents at $6 on the New York Stock Exchange.
Times Staff and Wire Reports
For the Record Los Angeles Times Wednesday December 27, 1995 Home Edition Business Part D Page 2 Financial Desk 2 inches; 58 words Type of Material: Correction Foodmaker Inc.--The San Diego-based operator and franchiser of the Jack in the Box restaurant chain said it sold its 39% stake in Family Restaurants Inc. to Apollo FRI Partners, another Family Restaurants shareholder. Foodmaker took a $57.2-million first-quarter charge earlier this year to write off the investment in Family Restaurants. The charge was incorrect in a brief in Saturday's Business section.
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