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News Briefs
Bankruptcy Updates
Franchise bankruptcies continue to reshape the landscape. The most prominent recent transaction was announced on Aug. 30, when Advantage Rent-A-Car was sold to Franchise Services of North America, Inc., a publicly traded company based in Calgary. The sale was $16 million for slightly less than half of the company (49.76% of equity), according to a press release issued by Franchise Services.
Franchise Services, which owns U-Save Car & Truck Rentals, Rent-A-Wreck of Canada, and other businesses, bought the 62-unit franchise from car rental giant Hertz Global Holdings. Hertz was required to sell the brand by the U.S. Federal Trade Commission (“FTC”), in order to receive approval to acquire Dollar Thrifty Automotive Group. The deal for Dollar Thrifty was announced earlier this year, and a merger agreement was filed with the U.S. Securities and Exchange Commission on Aug. 28; at that time, company executives said in a conference call that they hoped to have all regulatory approvals by the end of October.
Meanwhile, Romano's Macaroni Grill is gradually repurchasing nearly all of its franchised restaurants across the United States. In its latest transaction, Romano's purchased four restaurants from bankrupt West Coast franchisee Waterloo Restaurant Ventures Inc. (Waterloo's other Romano's restaurants seem likely to be shuttered, and four in Portland, OR, were due to have their assets liquidated in late September.) After the transaction is completed, Romano's will own 186 of the 191 Romano's Macaroni Grill restaurants. The majority of equity in Romano's is held by private equity firm Golden Gate Capital, which purchased its shares from Brinker International in 2008.
Bankruptcy Updates
Franchise bankruptcies continue to reshape the landscape. The most prominent recent transaction was announced on Aug. 30, when Advantage Rent-A-Car was sold to Franchise Services of North America, Inc., a publicly traded company based in Calgary. The sale was $16 million for slightly less than half of the company (49.76% of equity), according to a press release issued by Franchise Services.
Franchise Services, which owns U-Save Car & Truck Rentals, Rent-A-Wreck of Canada, and other businesses, bought the 62-unit franchise from car rental giant Hertz Global Holdings. Hertz was required to sell the brand by the U.S. Federal Trade Commission (“FTC”), in order to receive approval to acquire
Meanwhile, Romano's Macaroni Grill is gradually repurchasing nearly all of its franchised restaurants across the United States. In its latest transaction, Romano's purchased four restaurants from bankrupt West Coast franchisee Waterloo Restaurant Ventures Inc. (Waterloo's other Romano's restaurants seem likely to be shuttered, and four in Portland, OR, were due to have their assets liquidated in late September.) After the transaction is completed, Romano's will own 186 of the 191 Romano's Macaroni Grill restaurants. The majority of equity in Romano's is held by private equity firm Golden Gate Capital, which purchased its shares from Brinker International in 2008.
How Secure Is the AI System Your Law Firm Is Using?
What Law Firms Need to Know Before Trusting AI Systems with Confidential Information In a profession where confidentiality is paramount, failing to address AI security concerns could have disastrous consequences. It is vital that law firms and those in related industries ask the right questions about AI security to protect their clients and their reputation.
COVID-19 and Lease Negotiations: Early Termination Provisions
During the COVID-19 pandemic, some tenants were able to negotiate termination agreements with their landlords. But even though a landlord may agree to terminate a lease to regain control of a defaulting tenant's space without costly and lengthy litigation, typically a defaulting tenant that otherwise has no contractual right to terminate its lease will be in a much weaker bargaining position with respect to the conditions for termination.
Pleading Importation: ITC Decisions Highlight Need for Adequate Evidentiary Support
The International Trade Commission is empowered to block the importation into the United States of products that infringe U.S. intellectual property rights, In the past, the ITC generally instituted investigations without questioning the importation allegations in the complaint, however in several recent cases, the ITC declined to institute an investigation as to certain proposed respondents due to inadequate pleading of importation.
Authentic Communications Today Increase Success for Value-Driven Clients
As the relationship between in-house and outside counsel continues to evolve, lawyers must continue to foster a client-first mindset, offer business-focused solutions, and embrace technology that helps deliver work faster and more efficiently.
The Power of Your Inner Circle: Turning Friends and Social Contacts Into Business Allies
Practical strategies to explore doing business with friends and social contacts in a way that respects relationships and maximizes opportunities.