Chicago Pizza Agrees on Stock Sale

Chicago Pizza & Brewery Inc., moving to secure funding for expansion, said Friday it agreed to sell 1.25 million shares of stock to investor ASSI Inc., increasing the Nevada firm’s stake in the Mission Viejo chain to 16.3%. Under the agreement, ASSI will buy the shares for $1 million and other considerations, including the cancellation of 3.2 million of Chicago Pizza’s redeemable warrants held by ASSI. The agreement forms an important strategic relationship between the two companies that will aid the expansion of Chicago Pizza, parent of BJ’s Pizza & Grill, Chief Executive Paul Motenko said. Chicago Pizza owns 45 BJ’s and Pietro’s restaurants. It plans to open its largest restaurant next month, in Woodland Hills. The company expects to open at least three restaurants this year and continue expanding at that pace in coming years, Motenko said. Chicago Pizza’s stock closed Friday at $1.50, down 6 cents, in Nasdaq trading.