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-Filed pursuant to Rules 424(b)(3)
and 424(c) of Regulation C
-Registration No. 333-4578
PROSPECTUS SUPPLEMENT DATED MARCH 23, 1998
TO PROSPECTUS DATED NOVEMBER 14, 1997
CAFETERIA OPERATORS, L.P.
12% SENIOR SECURED NOTES DUE DECEMBER 31, 2001
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RECENT DEVELOPMENTS
On March 23, 1998, the board of directors of Furr's/Bishop's,
Incorporated (the "Company"), the general partner of Cafeteria Operators, L.P.,
voted to retain Theodore J. Papit as the President and Chief Executive Officer
of the Company, and Mr. Papit agreed to continue in those positions. Mr. Papit
had tendered his resignation from these positions in September 1997, but had
remained as President and Chief Executive Officer of the Company on an interim
basis at the request of the board of directors. Mr. Papit's compensation will
include $30,000 per month base salary, participation in the Company's executive
bonus plan and other executive benefit programs, and stock options to purchase
500,000 shares of the Company's common stock, vesting over five years. Mr.
Papit will also be entitled to 18 months' compensation in the event he is
terminated without cause or in the event he is terminated or resigns after a
change of control of the Company.
The board of directors of the Company also increased its membership by
adding two new directors, effective April 1, 1998. The new directors are Arnold
Scheiffer, retired Chief Operating Officer of Katz Media, and William Hale,
Chief Executive Officer of The Hale Group and consultant to many major
restaurant and food industry companies.
