ROANOKE TIMES
Copyright (c) 1997, Roanoke Times
DATE: Wednesday, February 26, 1997 TAG: 9702260105
SECTION: BUSINESS PAGE: B-6 EDITION: METRO
SOURCE: MEGAN SCHNABEL
AFC Enterprises, the Atlanta-based parent company of Church's Chicken and Popeye's Chicken & Biscuits, will buy Chesapeake Bagel Bakery. The 163-unit bagel company, based in McLean, has franchise operations in the Roanoke Valley. Terms of the sale were not released.
AFC said it would purchase all of the assets of Chesapeake except for eight company-owned units, which will be converted to franchised units owned and operated by Chesapeake's founders. The company plans to open 60 units in 1997 and has development agreements for 650 additional stores.
Chesapeake reported 1996 sales of $95 million. AFC operates more than 2,300 restaurants in 22 countries. Systemwide sales were $1.5 billion in 1996.
A merger of Chesapeake and BAB Holdings Inc. of Chicago, which owns the Big Apple Bagel chain, fell apart in January because BAB could not get financing.
LENGTH: Short : 25 linesby CNB