Robert G. Liggett Jr. Officially Becomes the New Owner Of Elias Brothers Corporation

Dec 08, 2000, 00:00 ET from Elias Brothers Corporation

    WARREN, Mich., Dec. 8 /PRNewswire/ -- Robert G. Liggett, Jr. today was
 approved as the purchaser of Big Boy Restaurants and other assets from the
 Elias Brothers Corporation.  There are currently 455 Big Boy Restaurants
 worldwide.  Among the assets are: franchise rights, the worldwide trademark,
 the commissary and the concession division.  The sale was approved by U.S.
 Bankruptcy Court Judge Steven Rhodes.
     In October, Liggett entered into a sales agreement with the Warren,
 Michigan-based Elias Brothers Corporation at the same time the company filed
 for Chapter 11 bankruptcy reorganization.  During the customary court-
 sanctioned 60-day waiting period, other companies expressed interest in the
 65-year old restaurant chain, however none filed formal bids.
     Liggett said, "I'm excited to acquire the Big Boy name which is a strong
 brand with high name recognition in the United States and around the globe."
     "We are happy to be under the ownership of Bob Liggett and anticipate a
 smooth transition into a new era for Big Boy Restaurants," said Anthony
 Michaels, CEO of Big Boy Restaurants.  "Bob has demonstrated his business
 acumen in his other ventures.  We look forward to marrying his keen sense of
 corporate leadership with our 65-year old tradition of excellence in family
 dining," Michaels added.
     Liggett, 57, founded the Liggett Broadcast Group and spent 30 years buying
 and selling radio stations across the country.  This year he merged Liggett
 Broadcast with Citadel Communications Co. of which he is a shareholder and
 board member.
     On December 21 Liggett will finalize his purchase of Big Boy Restaurants.

SOURCE Elias Brothers Corporation