Denny’s To Sell 66 Properties For $67 mln

Today:

Restaurant operator Denny’s Corp. on Tuesday said it agreed to sell 66 franchisee-operated restaurant properties to National Retail Properties Inc. for $67 million, in order to reduce debt and strengthen its balance sheet.

Denny’s said the transaction is expected to close within 30 days and is subject to customary closing conditions.

Denny’s said it expects this sale to generate after-tax proceeds of $65 million and result in a gain of $38 million.

The company said that after the closing of this deal, it will have sold 80 properties this year for gross proceeds of about $81 million.

Denny’s shares were flat at $3.80 in morning trade on the Nasdaq.