990264 Nathan's Confirms Purchase Plan for Kenny Rogers

Westbury, NY - Nathan's Famous, Inc. reported that the U.S. Bankruptcy Court for the Middle District of North Carolina, Durham Division, has confirmed the Joint Plan of Reorganization of the Official Committee of Franchisees of Roasters Corp. and Roasters Franchise Corp., operators of Kenny Rogers Roasters Restaurants. Through the Plan of Reorganization, Nathan's will acquire all of Roasters Corp. and Roasters Franchise Corp.'s intellectual property rights, including trademarks, recipes and franchise agreements, in exchange for $1,250,000 in cash. Nathan's completion of the transaction, which is currently expected to occur on April 1, 1999, is subject to certain conditions outlined in the Plan of Reorganization.

Wayne Norbitz, President of Nathan's stated: “We are quite pleased with the outcome and are anxious to commence working with participating Kenny Rogers' franchisees upon completion of the transaction.”

The Nathan's Famous retail system is currently comprised of 25 Company-owned units, 164 franchised or licensed units, and over 500 Branded Product points of distribution, located in twenty-nine states, the District of Columbia and two foreign countries, featuring Nathan's world famous all-beef hot dogs. Additionally, Nathan's had previously entered into a purchase agreement to acquire the Miami Subs chain of restaurants.

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