The company, which is the world's largest franchisee of T.G.I. Friday's restaurants, attributed the increased revenue to the opening of two new stores, the full impact of two restaurants that opened in 2004 and a 5% increase comp-store sales.
Main Street Restaurant Group, which also owns and operates The Bamboo Club -- Asian Bistro and the Redfish Seafood Grill and Bar restaurant concepts, and one Alice Cooper'stown restaurant, says in a statement that it is implementing aggressive measures to improve profitability. "As part of our overall objective of increasing profitability we will continue to evaluate underperforming locations and take appropriate action," said CEO Bill Shrader in a statement. "We will be recording additional asset write-downs and impairment charges for the fourth quarter of 2005."
The company recently terminated the lease and closed one underperforming Bamboo Club, resulting in charges of $2.5 million. Main Street Restaurant Group, which operates 56 T.G.I. Friday's, expects to incur another $4 million to $5 in lease termination charges in the future.
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