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Outback Seeks Buyer For Cheeseburger In Paradise

April 9th, 2008

The parent company of Cheeseburger In Paradise, OSI Restaurant Partners, is putting the Key West-inspired chain up for sale:

OSI Restaurant Partners, the Tampa-based owner of the Outback Steakhouse chain, which sold most of its stake in the Lee Roy Selmon’s barbecue chain last year, is looking to sell two more brands: Cheeseburger in Paradise, and Roy’s. “Our growth priorities in the future will be focused on our larger concepts: Outback … Carrabba’s Italian Grill, Bonefish Grill and Fleming’s,” general counsel Joe Kadow said via e-mail Wednesday. “We are evaluating strategies for ultimately exiting the smaller concepts” but are “under no set timetable,” he said.

Cheeseburger In Paradise was founded in 2002 by OSI Restaurant Partners in collaboration with Jimmy Buffett. According to the article, the chain has 39 locations across 18 states.

In 2005, Buffett sold his holdings of the chain to OSI, who previously held a 50% share in the chain. OSI pays a royalty of 4.5 percent of restaurant sales to Buffett.

In recent months, OSI has closed several CIP restaurants, including locations in Asheville, NC; Lansing, MI; York, PA; Greenville, SC; and Leawood, KS.

Tagged in Business Empire