Opening comes on the heels of the company’s announcement that it has closed a recapitalization with its lenders
Cookeville – Back in Nov. of last year we reported that Tampa Florida based Checkers Drive-In would be opening a location in Cookeville. This week, the Drive-In, known for its “bold, craveable food, famous fries, exceptional value and people-first attitude,” looks to begin construction at 5th and North Willow Avenue.
It already operates over 800 restaurants nationwide.
The opening comes on the heels of the company’s announcement that it has closed a recapitalization with its lenders that “strengthens the Company’s balance sheet by reducing its long-term funded debt from approximately $300 million to $75 million.” The agreement will see Checkers receive an additional $25 million in new debt financing commitments to “fund the Company’s store remodeling program and other growth initiatives.”
“This is a positive development for the Company and our stakeholders,” said Frances Allen, President & CEO of Checkers Drive-In Restaurants, Inc. regarding the recapitalization effort. “This refinancing significantly strengthens our balance sheet by, among other things, equitizing our short-term debt maturities. The recapitalization provides us with the financial flexibility we need to better position ourselves to invest in and continue growing our business.”
Allen says she is optimistic with growth and financial stability of the chain.
“It is important to underscore how optimistic I am about the future of this Company,” added Allen. “Our strong financial performance throughout the pandemic, and through the first two quarters of 2023 while in the midst of inflationary pressures, gives me great confidence that our strategic five-year plan is working, and we can grow profitably and achieve long-term success.”
Photo courtesy of Checker’s/Rally’s.