<PAGE> 1
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
February 4, 1999
----------------
(Date of Report - Date of earliest event reported)
Perkins Family Restaurants, L.P.
--------------------------------
(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Delaware 1-9214 62-1283091
-------- ------ ----------
(State or other jurisdiction of incorporation (Commission file number) (I.R.S. employer identification no.)
or organization)
</TABLE>
6075 Poplar Avenue, Suite 800, Memphis, Tennessee 38119-4709
------------------------------------------------------------
(Address of principal executive offices)
901-766-6400
------------
(Registrant's telephone number, including area code)
<PAGE> 2
ITEM 5. OTHER EVENTS
On February 4, 1999, Denny's (a subsidiary of Advantica Restaurant Group) was
the successful bidder in the court-supervised auction sale of 30 restaurants of
Perk Development Corporation, a franchisee of Perkins Family Restaurants, L.P.
It is currently expected that these restaurants will cease to operate as Perkins
Family Restaurants after February 28, 1999.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibits - Reference is made to the Index of Exhibits attached hereto as page 3
and made a part hereof.
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 thereunto duly authorized.
PERKINS FAMILY RESTAURANTS, L.P.
BY: PERKINS MANAGEMENT COMPANY, INC.
GENERAL PARTNER
By: /s/ Steven R. McClellan
-----------------------
Steven R. McClellan
Executive Vice President
Chief Financial Officer
DATE: February 19, 1999
<PAGE> 3
Exhibit Index
<TABLE>
<CAPTION>
Exhibit No. Description
- ----------- -----------
<S> <C>
10.1 Press release dated February 4, 1999, announcing the purchase by Denny's
of 30 restaurants in the bankruptcy auction sale of the assets of Perk
Development Corporation, a franchisee of Perkins Family Restaurants, L.P.
</TABLE>
<PAGE> 1
Exhibit 10.1
FOR IMMEDIATE RELEASE Contact: Steven R. McClellan
Chief Financial Officer
(901) 766-6400
PERKINS FAMILY RESTAURANTS, L.P.
EVALUATING OPTIONS ON RE-ENTERING THE UPSTATE NEW YORK MARKET
Memphis, TN, February 8, 1999 --- Perkins Family Restaurants announced today
that it will soon decide how to best re-enter the upstate New York market.
Perkins is withdrawing as a result of the purchase by Denny's (a subsidiary of
Advantica Restaurant Group) of 30 restaurants in the bankruptcy auction sale of
the assets of its former franchisee, Perk Development Corporation. Denny's was
the successful bidder after Perkins determined that the bidding had reached a
level that, when combined with the other obligations being assumed and the
necessary extensive remodeling and deferred maintenance expenses, exceeded the
amount that Perkins could pay and still generate an acceptable financial return.
"While we feel a loss because Perk had been part of the Perkins system for over
25 years, there will be no material impact on Perkins Family Restaurants' 1998
financial statements as a result of these restaurants going out of the system,
other than a non-cash write-down of intangibles in the approximate amount of
$700,000. With our continued success in attracting new franchisees to our
system, we expect to easily replace the approximately $1,900,000 in royalties
that Perkins earned from Perk in 1998," said Steven R. McClellan, Executive Vice
President and CFO.
Perkins Family Restaurants will own or franchise 466 restaurants in 35 states
and Canada after these 30 restaurants are closed and expects to open an
additional 40 company-owned and franchised Perkins Family Restaurants in 1999.
Additional information is available on the worldwide web at
http://www.perkinsrestaurants.com
# # #
