Denny’s Corporation (NASDAQ: DENN), the international restaurant concept known as America’s Diner, today announced that it has signed an agreement with Great China International Group (GCIG) for the development of 50 new Denny’s restaurants in southern China over the next 15 years. GCIG has exclusive rights to open units in six Chinese provinces including Guangdong, Fujian, Guizhou, Jiangxi, Chongqing, and Sichuan. The Company expects the first restaurant will open in 2013.
Great China International Group is a leading Chinese-based enterprise with diversified business holdings in finance, real estate, commercial development, hotels, food service, television media, energy resources and port logistics. The company has demonstrated a successful track record developing well-known global hotel brands such as Hilton and Sheraton.
John Miller, Denny’s President and Chief Executive Officer, stated, “This significant development agreement is Denny’s first major expansion in China and is the brand’s largest international development agreement to date. This agreement builds upon the success the Company has had in expanding the brand internationally with recent franchise openings in Honduras, Canada, Puerto Rico, and the Dominican Republic. We are thrilled to begin our relationship in China with GCIG and are impressed with their expertise and resources. We believe that the Denny’s brand will continue to grow around the world and are focused on finding additional strong partners like GCIG as we continue our global expansion efforts.”
Sharon Huang, Business Director for GCIG, commented, “As the brand’s first franchise partner in China, we are honored to have the opportunity to introduce local residents to Denny’s everyday value and craveable menu items served in an inviting, comfortable atmosphere. Today’s Chinese consumers are hungry for the variety, quality and value a brand like Denny’s represents around the world. Denny’s history of success internationally gives us confidence that this partnership will provide both GCIG and Denny’s a significant growth opportunity.”
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