Pepper Food to Sell Pepper Lunch Steakhouse Biz
Tokyo, July 3 (Jiji Press)--Japan's Pepper Food Service Co. <3053> will sell its Pepper Lunch steakhouse chain business to Tokyo-based investment fund J-Star Co. for some 8 billion yen, it was learned Friday.
The company hopes to improve its financial base with the proceeds from the sale, informed sources said.
Pepper Food's business performance has been deteriorating due to a fall in the number of customers of its mainstay Ikinari Steak restaurants.
The first Pepper Lunch restaurant opened in 1994. Currently, some 190 domestic outlets offer steaks at reasonable prices.
On June 1, Pepper Food spun off Pepper Lunch operations to make it a subsidiary.
[Copyright The Jiji Press, Ltd.]