Signs Master Development Agreement for the Middle East
Seven Stores to Open Over Seven Year Period
DALLAS, Oct. 29, 2015 (GLOBE NEWSWIRE) -- Dave & Buster's Entertainment, Inc., (NASDAQ:PLAY), ("Dave & Buster's" or the "Company"), an owner and operator of dining and entertainment venues, today announced that it has launched its international development initiative with the signing of a master development agreement for the Middle East.
The franchise-based agreement with Dubai-based Apparel Group FCZO provides Apparel Group with exclusive rights to develop the Dave & Buster's brand within the six country region encompassing UAE, Bahrain, Kuwait, Oman, Qatar and Saudi Arabia. Under the terms of the agreement, Apparel Group will build seven Dave & Buster's stores over a seven year period.
Apparel Group operates over 1,000 stores under more than 50 brands across the Middle East and India. Founded in 1999, it is one of the most successful and fastest growing retailers in the Middle East with operations in 12 countries. Portfolio companies include Coldstone Creamery and Tim Hortons, as well as numerous fashion brands in the accessory, cosmetics, fashion and footwear categories.
Dave & Buster's Chief Executive Officer Steve King said, "We have been actively searching for strong partners in targeted international markets and are delighted to be naming Apparel Group as our franchisee for the GCC region. Their leadership, operating infrastructure, and demonstrated ability to develop brands throughout the Middle East has positioned them as an ideal fit for Dave & Buster's. We look forward to building a strong and mutually rewarding long-term relationship with Apparel Group."
Apparel Group Founder and Chairman Nilesh Ved said, "Dave & Buster's is a great addition to the Apparel Group family of brands. We believe the tremendous popularity of the D&B experience that brings together both entertainment and dining elements will resonate with audiences throughout our region."
About Dave & Buster's Entertainment, Inc.
Founded in 1982 and headquartered in Dallas, Texas, Dave & Buster's Entertainment, Inc., is the owner and operator of 77 venues in North America that combine dining and entertainment and offer customers the opportunity to "Eat Drink Play and Watch," all in one location. Dave & Buster's offers a full menu of "Fun American New Gourmet" entrées and appetizers, a full selection of alcoholic and non-alcoholic beverages, and an extensive assortment of entertainment attractions centered around playing games and watching live sports and other televised events. Dave & Buster's currently has stores in 30 states and Canada.
About The Apparel Group
The Apparel Group is a global fashion and lifestyle brand conglomerate residing on the crossroads of a modern economy - Dubai, UAE. The meteoric growth in the last 10 years has been by acquiring a host of world class fashion labels and restaurant brands from around the world - Nine West, Tommy Hilfiger, Kenneth Cole, Aldo & Tim Hortons just to name a few.
Today the group caters to thousands of eager shoppers through its 1,000+ stores, employing over 10,500 multi-cultural staff in four continents. Apparel believes in turning dreams in to reality and we give everyone - our customers, our stakeholders, our employees - an equal opportunity to do so.
Forward Looking Statements
The statements contained in this release that are not historical facts are forward-looking statements. These forward-looking statements involve risks and uncertainties and, consequently, could be affected by our level of indebtedness, general business and economic conditions, the impact of competition, the seasonality of the company's business, adverse weather conditions, future commodity prices, guest and employee complaints and litigation, fuel and utility costs, labor costs and availability, changes in consumer and corporate spending, changes in demographic trends, changes in governmental regulations, unfavorable publicity, our ability to open new stores, and acts of God. Accordingly, actual results may differ materially from the forward-looking statements, and the Company therefore cautions you against relying on such forward-looking statements. Dave & Buster's intends these forward-looking statements to speak only as of the time of this release and does not undertake to update or revise them as more appropriate information becomes available, except as required by law.
CONTACT: For further information contact: Raphael Gross of ICR 203-682-8253
Source: Dave & Buster's