Morton's Explores Possible Sale
No timetable, no guarantee of sale, says Chicago-based steakhouse
Miami Dolphin teammates will be happy to take your order at Morton's The Steakhouse.
Thursday, Mar 17, 2011 Updated at 8:30 PM CST
Morton's Restaurant Group Inc. is considering a possible sale of the company.
The steakhouse operator said Wednesday that it is exploring its strategic options and has the support of its two biggest stockholders, affiliates of Castle Harlan Inc. and Laurel Crown Partners LLC.
The Chicago company has hired Jefferies & Co. to assist with the process.
"The company has not set a definitive timetable for completing its exploration of strategic alternatives and there can be no assurance that the process will result in any transaction," Morton’s said in a statement.
Last month Morton's posted a fourth-quarter profit as an improvement in business travel and convention attendance helped boost sales at its steakhouses.
Morton's owns and runs 77 Morton's steakhouses
in 26 states, Puerto Rico and six international locations as well as its Italian restaurant Trevi in Las Vegas.
Copyright Associated Press / NBC Chicago