SCOTTSDALE, Ariz., May 15, 2013 (GLOBE NEWSWIRE) -- Star Buffet, Inc. (STRZ.PK) announced that its wholly-owned subsidiary, Summit Family Restaurants Inc. ("Summit"), has closed its three K-BOB'S Steakhouses. In conjunction with the closures, Summit terminated real estate lease agreements on the three restaurants with Tinsley Hospitality Group in exchange for certain personal property and settlement of all Tinsley-related litigation including that brought prior to the Summit bankruptcy. These closures will result in a one-time, non-cash charge of approximately $865,000, but is expected to have no material impact on future operating results.
Safe Harbor Statement
Statements that are not historical facts contained in this release are forward-looking statements that involve risks and uncertainties, and actual results could vary materially from the descriptions contained herein due to many factors, including, but not limited to, product demand and market acceptance risks, the effect of economic conditions, the impact of competitive products and pricing, the results of financing efforts, implementation of the Company's acquisition and strategic alliance strategy, the effect of the Company's accounting policies and other risks detailed in the Company's Form 10-K for its fiscal year ended January 25, 2010, and other filings with the Securities and Exchange Commission. Copies of all of the Company's filings with the SEC are available to the public on the SEC's web site at http://www.sec.gov. The Company undertakes no obligation to update any forward-looking statements.
About Star Buffet, Inc.
Star Buffet, Inc. is a multi-concept restaurant operator. As of May 15, 2013, Star Buffet, Inc. through its subsidiaries, operated seven 4B's restaurants, five JB's restaurants, three Barnhill's Buffet restaurants, two Western Sizzlin restaurants, two JJ North's Country Buffet restaurants, two Pecos Diamond Steakhouses, one Casa Bonita Mexican theme restaurant, one BuddyFreddys restaurant, one Big Rock Cafe and one Bar-H Steakhouse.
CONTACT: Robert E. Wheaton President, CEO Star Buffet, Inc. (480) 425-0397Source:Star Buffet, Inc.