Ark Restaurants Corp. (NASDAQ: ARKR) (“ Ark”) announced today that it has closed on its transaction with the Estate of Irving Hershkowitz to purchase 250,000 shares of the Company’s common stock from the seller at a price of $12.50 per share, or a total of $3,125,000, on December 9, 2011. Upon the closing of the purchase, the Company paid the seller $1.0 million in cash and issued an unsecured promissory note to the seller for $2,125,000. The note bears interest at 0.19% per annum, and is payable in 24 equal monthly installments of $88,541 each, commencing on December 1, 2012.
About Ark Restaurants Corp.
Ark Restaurants owns and operates 20 restaurants and bars, 28 fast food concepts and catering operations. Six restaurants are located in New York City, three are located in Washington, D.C., seven are located in Las Vegas, Nevada, two are located in Atlantic City, New Jersey, one is located at the Foxwoods Resort Casino in Ledyard, Connecticut and one is located in Boston, Massachusetts. The Las Vegas operations include five restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel's room service, banquet facilities, employee dining room and six food court concepts; one bar within the Venetian Casino Resort as well as three food court concepts and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant and a bar in the Resorts Atlantic City Hotel and Casino. The operations at the Foxwoods Resort Casino include one fast food concept and six fast food concepts at the MGM Grand Casino. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace. The Florida operations under management include five fast food facilities in Tampa, Florida and seven fast food facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations.
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