USA: Bass plc to Withdraw From Dave & Buster's Agreement
Dave & Buster's, Inc. (NYSE: DAB) announced today that Bass plc of Birmingham, England (NYSE: BAS) has decided to withdraw from its license agreement with Dave & Buster's and is considering options for its locations in suburban Birmingham and Bristol, England. No other Dave & Buster's locations, either in the U.S. or internationally, are affected by Bass plc's decision. Dave & Buster's receives royalty income from its international licensed locations and has no capital investment in the Bass plc stores. Further, the Company does not invest capital in any of its international locations nor does it retain any ownership of any of the international operations."The Dave & Buster's stores in England were two of the highest weekly sales businesses in the UK leisure market," stated co-founder Buster Corley. "It is our understanding, however, that large, amusement-led concepts such as Dave & Buster's no longer fit into Bass's long-term plans.""We will continue our strategy of expanding the Dave & Buster's concept internationally through license agreements," stated Dave Corriveau, co- founder. "This approach permits the concept to be developed by strong, local operators without capital investment by Dave & Buster's."Dave & Buster's has international license agreements for the Pacific Rim, Canada, Central Europe and the Middle East.Founded in 1982, Dave & Buster's is one of the country's leading upscale restaurant/entertainment concepts operating 26 locations throughout the United States and is developing license agreements internationally. Dave & Buster's stock is traded on the NYSE under the symbol DAB. Further information on the Company can be found on its website,
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