Phoenix Restaurant Group (AMEX:PRG), which has been trying to sell off its portfolio of Denny's restaurants for more than a year, completed a portion of the goal on Tuesday. The company, which is losing money, sold 23 of its Denny's restaurants in Arizona and three other western states for $20.8 million. The restaurants sold are in Arizona, Texas, Idaho, Utah and Oregon.

The Scottsdale-based company is still trying to sell off its 74 remaining Denny's restaurants so that it can concentrate efforts on the 92 Black-eyed Peas restaurants it also owns. Thirty of those remaining Denny's restaurants are in Arizona, Texas and Florida, says a company official.

The buyer of the 23 Denny's is Phoenix-based Mountain Range Restaurants. The principals are former Phoenix Restaurant Group executives who are familiar with running the Denny's locations.

Phoenix Restaurant Group reported a $10.1-million loss for the third quarter ending in November. The firm said a suspended television advertising campaign by Black-eyed Pea caused the drop in sales.

The American Stock Exchange has said it will delist the Phoenix Restaurant Group stock because the firm has not met AMEX's listing requirements since 1999. Phoenix Restaurant Group will seek a listing on the over-the-counter market, a company official says.