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The core group of the remaining ten restaurants owned by Shells are expected to conduct business as usual without interruption, providing their many loyal customers with the same high level of service and quality to which they have become accustomed.
Chief Executive Officer Marc Bernstein said, "The restaurant industry has been negatively affected by the economic downturn, as recently reflected by the closings of Bennigan's and Steak and Ale restaurant chains. This downturn has affected some of the marginal stores operated by Shells and necessitated the Chapter 11 filings and store closings. The ten remaining restaurants have the strongest historical performance or the greatest potential for the future. It is our goal to emerge from Chapter 11 as soon as we can with a capital structure and a balance sheet that will allow us to continue to operate."
Shells is currently pursuing various sources of post-petition financing but has not received any financing commitments. There is no assurance that Shells will obtain any additional financing.
About the Company
The Company manages and operates 14 full-service, neighborhood seafood restaurants in Florida under the name "Shells." Additionally, the Company partially owns and manages a full-service restaurant named "Rock Beach Grill" in Pembroke Pines, Florida. The Company's restaurants feature a wide selection of seafood items, including shrimp, oysters, clams, mussels, scallops, lobster, crab and daily fresh fish specials, cooked to order in a variety of ways: steamed, sauteed, grilled, blackened and fried. The Company's restaurants also offer a wide selection of pasta dishes, ribs, chicken, steaks, appetizers, salads, desserts, full bar service and sushi, in select locations.
Forward-Looking Statements
In addition to seasonal fluctuations, the Company's quarterly and annual operating results are affected by a wide variety of other factors that could materially and adversely affect revenues and profitability, including changes in consumer preferences, tastes and eating habits; increases in food, labor costs and other operating expenses; the availability of food acceptable to our quality standards at acceptable prices; the availability of qualified labor; national, regional and local economic and weather conditions; international economic, cultural and political conditions; promotional timings and seasonality; demographic trends and traffic patterns; changes in travel and tourism tendencies, particularly in light of world events; competition from other restaurants and food service establishments; availability of third-party financing to fund capital or operating activities, if required; changes in personnel, including senior management; and the timing, costs and charges relating to restaurant openings, closings and remodelings. As a result of these and other factors, the Company may experience material fluctuations in future operating results on a quarterly or annual basis, which could materially and adversely affect its business, financial condition and stock price. Furthermore, this press release and other documents filed by the Company with the Securities and Exchange Commission ("SEC") contain certain forward-looking statements with respect to the business of the Company and the industry in which it operates. These forward-looking statements are subject to certain risks and uncertainties, including those mentioned above, which may cause results to differ significantly from these forward-looking statements. The Company undertakes no obligation to update these forward-looking statements on a regular basis. An investment in the Company involves various risks, including those mentioned above and those that are detailed from time-to-time in the Company's SEC filings.
SOURCE Shells Seafood Restaurants, Inc.
http://www.shellsseafood.com
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