Jerry’s Famous Deli Inc. (NASDAQ:DELI), operator of Jerry’s Famous Deli and Solley’s Delicatessen and Bakery in Southern Calif., and Wolfie Cohen’s Rascal House and The Epicure Market in South Florida, with licensing agreements at Universal CityWalk, California and Naples, Fla., today announced that it had leased a location at 1450 S. Collins Ave. in South Miami Beach, Fla., for development as a Jerry’s Famous Deli.
Isaac Starkman, chairman and chief executive officer of Jerry’s Famous Deli Inc. said, “This is a prime location for the kind of high energy family restaurant represented by our Jerry’s Famous Deli concept. We have studied the South Beach area and have great confidence in the market. This will give us further concentration in South Florida and be a great complement to our Rascal House and Epicure Market operations in that market.”
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Starkman continued, “We already have two venerable brand names and product lines in the Miami area, and now with our primary brand, already known to the many in South Beach who patronize the many Jerry’s Famous Delis in California, the Company will take advantage of opportunities for cross marketing and promotion and management efficiencies.”
The location, which is approximately 11,000 square feet, is currently a nightclub and will take up to twelve months to refurbish as a Jerry’s Famous Deli. The company has a due diligence contingency period and no assurance can be given that currently unforeseen issues will not cause the company to exercise its right to cancel the transaction.
The company presently operates a total of 10 restaurants and one specialty market: Jerry’s Famous Deli in Studio City, Encino, Marina del Rey, West Hollywood, Woodland Hills, Westwood and Costa Mesa in Calif.; Solley’s Delicatessen and Bakery in Sherman Oaks, Calif.; Wolfie Cohen’s Rascal House in Miami Beach and Boca Raton, Fla., and The Epicure Market in Miami, Fla.; and, licensing agreements in Naples, Florida and Universal CityWalk, Calif.
Statements made herein that are not historical facts are forward-looking statements. Important factors that could cause the company’s actual results to differ materially from those projected in, or inferred by, forward-looking statements are (but are not necessarily limited to) the following: the impact of increasing competition in the moderately priced, casual dining segment of the restaurant industry; changes in general economic conditions that impact consumer spending for restaurant occasions; weather and acts of nature that impact restaurant sales; adverse publicity; availability and cost of labor; governmental and regulatory problems that impact operations of restaurants such as health-code enforcement changes, land-use regulations and pollution controls; unforeseen events that increase the cost to develop and/or delay the development and opening of new restaurants and markets; the amount and rate of growth of general and administrative expenses associated with building a strengthened corporate infrastructure to support the development and operation of new restaurants; the availability, amount, type and cost of financing for the company and any changes to that financing; the revaluation of any of the company’s assets (and related expenses), and any changes to tax rates. Reference is made to the company’s Annual Report on Form 10-K for the year ended December 31, 1999 for a further discussion of these and other risk factors and to Form 10Q filed on May 11 and August 9, 2000.
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