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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 27, 1996 (November
21, 1996)
VOLUNTEER CAPITAL CORPORATION
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(Exact name of registrant as specified in its charter)
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Tennessee 1-8766 62-0854056
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(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
3401 West End Avenue, Suite 260, P.O. Box 24300,
Nashville, Tennessee 37202
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(Address of principal executive offices) (Zip Code)
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Registrant's telephone number, including area code: (615) 269-1900
Not Applicable
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(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets.
On November 21, 1996, Volunteer Capital Corporation (the "Company")
consummated the previously reported sale of substantially all of the assets of
its Wendy's division to Wendy's International, Inc., pursuant to an Asset
Purchase Agreement. The proceeds from the sale totaled approximately $28
million.
Approximately $12.5 million of such amounts was used to repay the
amounts outstanding under the Company's line of credit, and the balance (after
payment of expenses) will be used to fund a significant portion of its
commitments for capital expenditures for J. Alexander's restaurants currently
under development.
Item 7. Financial Statements and Exhibits.
(a) Exhibits
99 Press Release
(b) Pro Forma Financial Information
The Pro Forma Financial Information required by Article 11 of
Regulation S-X will be filed by amendment within the time period set
forth in Item 7 of Form 8-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
VOLUNTEER CAPITAL CORPORATION
Date: November 27, 1996 By: /s/ Lonnie J. Stout II
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Lonnie J. Stout II
Chairman of the Board
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EXHIBIT INDEX
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No. Exhibit
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99 Press Release
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EXHIBIT 99
FOR IMMEDIATE RELEASE NEWS RELEASE
Contact: Lonnie J. Stout II
or Greg Lewis
615-269-1900
VOLUNTEER CAPITAL COMPLETES WENDY'S SALE
NASHVILLE, TN., Nov. 22, 1996 -- Volunteer Capital Corporation (NYSE:
VCC) said today it has completed the sale of substantially all of the assets
of its Wendy's division to Wendy's International, Inc. for approximately $28
million in cash. The transaction included 52 Wendy's Old Fashioned Hamburgers
restaurants in four states.
Volunteer Capital said it used approximately $12,500,000 of the
proceeds from the Wendy's transaction to pay off the outstanding balance on its
line of credit agreement. The Company expects to use the balance of the
proceeds (after payment of expenses of the transaction) to fund a significant
portion of its commitments for capital expenditures for J. Alexander's
restaurants currently under development.
Volunteer Capital Corporation operates 13 J. Alexander's casual dining
restaurants in seven states. The Company will open its 14th J. Alexander's
restaurant in Memphis, Tennessee in mid-December and will open its 15th and
16th restaurants next spring in Denver, Colorado and in Tempa, Florida.
Volunteer Capital Corporation is headquartered in Nashville,
Tennessee.
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