News

Chicago Pizza & Brewery to sell Pietro's

February 17, 2004

HUNTINGTON BEACH, Calif.—Chicago Pizza & Brewery, Inc. announced it will sell its three Pietro's restaurants to employees Ken Bay and Ray David.

According to a news release, the men will purchase the restaurant assets and related trademarks for the casual Italian concept for approximately $2.2 million.

In 2003, sales and pre-tax income for the three Pietro's units were $3 million and $590,000, respectively.

The sales price includes cash proceeds of $1.2 million and two notes receivable totaling $950,000. The sale will yield a gain of approximately $1.7 million during the first quarter of 2004. The company expects to close the deal on March 1, and wants to spend the proceeds on new BJ's restaurants.

"With the sale of Pietro's, Chicago Pizza & Brewery can fully concentrate on developing our core BJ's brand," said Paul Motenko, chairman and co-CEO of Chicago Pizza & Brewery. "We are very pleased to be able to turn Pietro's over to two longtime employees to help them fulfill their aspirations of business ownership."