Fiesta Restaurant Group, Inc. (NASDAQ:FRGI) Files An 8-K Costs Associated with Exit or Disposal Activities

ME Staff 8-k
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Fiesta Restaurant Group, Inc. (NASDAQ:FRGI) Files An 8-K Costs Associated with Exit or Disposal Activities
ITEM 2.05. COSTS ASSOCIATED WITH EXIT OR DISPOSAL ACTIVITIES.

On December18, 2018, the Board of Directors of Fiesta Restaurant Group, Inc. (the “Company”) concluded that the Company had impairment and lease and other charges as required under generally accepted accounting principles relating to the closure of fourteen (14) Company-owned Pollo Tropical restaurants, including all nine (9) Pollo Tropical restaurants in the greater Atlanta metropolitan area, and nine (9) Taco Cabana restaurants on December 20, 2018.

The Company expects to record total non-cash impairment charges of approximately $12.0 million to $13.0 million and related lease and other charges of approximately $3.0 million to $3.5 million in the fourth quarter 2018 with respect to the closed restaurants, which will result in future cash expenditures.

ITEM 2.06. MATERIAL IMPAIRMENTS.

The information required to be disclosed under this Item 2.06 is included in Item 2.05 above and incorporated by reference herein.

The Company issued a press release on December20, 2018 announcing the closure of the Company-owned Pollo Tropical and Taco Cabana restaurants referenced above, the full text of which is attached as Exhibit 99.1 and incorporated by reference into Item 2.05 and Item 2.06.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

Fiesta Restaurant Group, Inc. Exhibit
EX-99.1 2 exhibit991pressrelease1220.htm PRESS RELEASE Exhibit Exhibit 99.1FOR IMMEDIATE RELEASEInvestor Relations Contact:Raphael [email protected] Restaurant Group,…
To view the full exhibit click here

About Fiesta Restaurant Group, Inc. (NASDAQ:FRGI)

Fiesta Restaurant Group, Inc. (Fiesta) owns, operates and franchises approximately two fast-casual restaurant brands, Pollo Tropical and Taco Cabana. The Company operates through the Pollo Tropical and Taco Cabana segments. Its Pollo Tropical is a fast-casual restaurant brand offering a range of Caribbean food. Taco Cabana restaurants offers a selection of hand-made Mexican food. Pollo Tropical restaurants offer Caribbean menu items, featuring its bone-in chicken marinated in blend of tropical fruit juices and grilled over an open flame. Its Taco Cabana restaurants serves Mexican food, including flame-grilled steak and chicken fajitas served on sizzling iron skillets, quesadillas, hand-rolled flautas, enchiladas, burritos, tacos flour tortillas, customizable salads served in its Cabana Bowl, and its breakfast tacos. It also offer a self-serve salsa bar, which includes a selection of made-from-scratch salsas, sauces, sliced jalapenos, chopped cilantro, chopped onions and other items.