Denny's plans to add 50 restaurants in China
SPARTANBURG, S.C. (AP) — Denny's Corp. says it plans to open 50 new restaurants in southern China over the next 15 years.
The Spartanburg, S.C.-based company said Monday that it has signed an agreement with Great China International Group to open the restaurants. The Chinese company has exclusive rights to open units in six Chinese provinces and expects the first restaurant to open in 2013.
Great China International Group has business holdings in finance, real estate, commercial development, hotels, food service, television media, energy resources and port logistics.
Denny's President and CEO John Miller said it is the company's first major expansion in China and largest international development agreement to date. The restaurant chain has been expanding the brand internationally. It recently opened franchises in Honduras, Canada, Puerto Rico and the Dominican Republic.
The company has 1,680 franchised, licensed and company-owned restaurants around the globe.
Shares of Denny's fell 17 cents, or 3.6 percent, to close Monday at $4.51 and were unchanged in after-hours trading.