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NASHVILLE, TENN. - On the heels of last month's acquisition of the two-unit Stoney River Legendary Steaks chain, casual operator O'Charley's Inc. said it would open about three units a year of the dinner-only, mountain-lodge-themed concept over the next five years.
"We're going to take advantage of the concept and demographic work they've done thus far to turn Stoney River into such a success since its debut in 1996," said O'Charley's chairman and chief executive, Gregory L. Burns, who added that O'Charley's hasn't yet finalized a location strategy
The May 19 purchase, which closed for $13.75 million in cash and the assumption of debt totaling $1.9 million, gives O'Charley's control of the Atlanta-based Stoney River Legendary Management Group, whose restaurants in Duluth and Roswell, Ga., last year grossed a combined $9 million.
The same group has another two units under development in the Chicago suburbs of Deerfield and Deer Park, which are on target to debut in early 2001. The deal includes the real estate and building in which the Duluth restaurant operates.
"We know a great deal about the Southern...