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Spartanburg, S.C.-based Advantica Restaurant Group Inc. plans to slim some by selling two of its restaurant subs, Coco's and Carrows, and concentrate exclusively on the Denny's Brand only. Just recently, the company retained the service of Donaldson, Lufkin & Jenrette to lead the sale process.
The Street took notice of Advantica's Feb 17 announcement, which hit after the market closed, as the company's stock price moved up 19 cents to close at $1.88. At press time, the shares traded at $1.88 each.
Advantica, with a market cap of $65 million, operates roughly 2,600 moderately-priced restaurants through...