Denny’s, like many casual restaurants, has been struggling, but a deal has been struck to sell the company to an investment group.
After reaching out to more than 40 buyers and getting several offers, Denny’s has sold itself to private equity investment company TriArtisan Capital Advisors, investment firm Treville Capital and Yadav Enterprises, The Associated Press reported.
TriArtisan owns P.F. Chang’s, CNN reported, while Yadav Enterprises is one of Denny’s largest franchisees.
The deal will take the publicly traded company private after nearly 60 years, with shareholders getting $6.25 a share.
Denny’s board already approved the deal, but shareholders still have to accept it. If the deal goes through, which is expected to close in the first quarter next year, the new owners plan to remodel locations and introduce new menu items.
The chain has been struggling after challenges that came with the COVID-19 pandemic, when it wasn’t open for its traditional 24/7 business model. The economy is also having an effect as people try to save money and not eat out. Customers are changing their habits too and looking for healthier choices, CNN explained.
Denny’s closed about 180 locations over the past two years. It has 1,558 locations worldwide as of the end of the second quarter this year, including 74 Keke’s restaurants.
Started as Danny’s Donuts in 1953 in Lakewood, California, it changed its name to Denny’s Coffee Shops in 1959 to avoid confusion with another business, the AP reported.
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