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Planet Hollywood Acquires Buca Inc.
August 07, 2008
Orlando, Fla.-based Planet Hollywood International Inc. is acquiring Minneapolis-based restaurant chain Buca Inc. in a $28.5 million deal, including debt, according to Startribune.com. Buca, which operates 88 restaurants in 25 states and the District of Columbia, has been losing money for the past five years and was hurt by the costs of internal financial mismanagement. Planet Hollywood will assume nearly $19 million in debt. The deal is expected to close in less than 60 days, said Dennis Goetz, Buca's CFO. Planet Hollywood is also giving Buca a $3.5 million secured subordinate loan to pay operating expenses. The restaurants will continue to be operated under the Buca name by Planet Hollywood, but it is not yet known whether all will remain open.
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DDI visited the new JCPenney department store at Manhattan Mall in New York and spoke with store manager Joe Cardamone. Below is video of that conversation paired with a walk-through tour of the new store. For more on the JCPenney store, look out for DDI's November/December issue mailing out at the end of November.
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