Morton's Explores Possible Sale

No timetable, no guarantee of sale, says Chicago-based steakhouse

Thursday, Mar 17, 2011  |  Updated 8:30 PM CDT
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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.

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