Headlines

Planet Hollywood Acquires Buca di Beppo Restaurants

Italian-themed chain lost $16 million last year

Published

16 years ago

August 11, 2008

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Planet Hollywood Intl. Inc. (Orlando) has acquired BUCA Inc. (Minneapolis), owner of the Buca di Beppo restaurant chain, for $28.5 million.

BUCA posted a $16.2 million loss last year and same-store sales slipped 5.1 percent in its second quarter of 2008. Nonetheless, Planet Hollywood co-founder said he isn’t concerned. I think it's the right concept at the right time in terms of where the economy is,” he told the Orlando Sentinel. “The restaurants have a bit of fun and ambience to them. I feel the $20-a-head experience for a lovely evening is where the country is.”

Earl said individual Buca restaurants were profitable and the public company's financial situation should improve when it joins his privately held company. He plans to keep the 88-unit Italian-themed chain on course while expanding the concept. “We think it is a perfect fit,” Earl said, “a great marriage.”

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