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Outback Steakhouse Divests Unit

It sells its 50% stake in Paul Lee's Chinese Kitchen.


Outback Steakhouse


, a restaurant chain operator, agreed to sell its 50% interest in the Paul Lee's Chinese Kitchen joint venture to founder Paul Fleming.

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Under the terms of the agreement, Outback Steakhouse will receive $2 million at closing as a promissory note, due Feb. 1, 2011. Interest will be paid annually.

"We believe the success of the continued evolution of the Paul Lee's Chinese Kitchen brand will be best served under Paul Fleming's stewardship," Outback said.

This story was created through a joint venture between and IRIS.