OUTBACK GETS CHI-CHI'S PROPERTIES: Outback Steakhouse Inc., the Tampa restaurant chain operator, said a bankruptcy court has approved its winning bid to buy property rights of Prandium Inc.'s Chi-Chi's chain for $42.5-million. The 76 properties include furniture, equipment and liquor licenses, Outback said. The rights allow Outback to transfer properties to itself or others or to require Chi-Chi's to retain the properties. The transaction is expected to close before Aug. 31, Outback said. Chi-Chi's, a Mexican food restaurant chain, filed for bankruptcy protection last year.
SCRIPPS HIRES 17 SCIENTISTS: Scripps Research Institute of La Jolla, Calif., said it has hired 17 scientists for its new Palm Beach County campus. Among them are two from Florida: Prem Subramaniam from the University of Florida, who will investigate mad cow and related diseases, and Michael Chalmers, who just completed postdoctoral work at Florida State and will study treatments for diabetes. Scripps' Florida campus, being built with $569-million in federal and county funds, will open in 2006. The company has begun work in labs on Florida Atlantic University's Boca Raton campus.
TIMES FORUM IS NO. 3: The St. Pete Times Forum collected $12.6-million in concert and event grosses for the six months that ended May 15, making it the third-highest grossing venue in North America, according to the trade publication Venues Today. The survey put Madison Square Garden and the Wachovia Center in Philadelphia in the top spots. The fourth-ranked venue, the Palace of Auburn Hills in Detroit, is owned by Palace Sports and Entertainment, which also owns the St. Pete Times Forum.
TAMPA OFFICE MARKET IMPROVES: The Tampa area office market improved slightly in the second quarter but faces a slow return to health, according to Advantis, the commercial real estate division of the St. Joe Co. The vacancy rate of all types of office space was 20.3 percent, down 0.3 percent from the first quarter. The average asking rent was $19.33 per square foot, up 32 cents from the previous quarter.
UAL FIGHTS PENSION LAWSUITS: UAL Corp. asked a bankruptcy judge to halt pension lawsuits by the International Association of Machinists while the company reorganizes. The union sued to protest the company's decision to halt contributions to its employee pension plans while in reorganization. The union represents 27,000 workers at United. UAL said last month it wouldn't make pension payments while it remains in bankruptcy, so it could attract financing. The company has about $575-million in pension payments due this year, having paid $127-million already, according to a filing with the U.S. Securities and Exchange Commission.
SCHLOTZSKY'S FILES CHAPTER 11: Schlotzsky's Inc., a delicatessen franchiser in Austin, Texas, with more than 500 outlets in 36 states and six countries, filed for protection from its creditors Tuesday under Chapter 11 of the federal bankruptcy laws. Schlotzsky's said operations would continue during the restructuring. The restaurant chain reported a net loss of $11.7-million in 2003 versus a loss of $199,000 in 2002. It lost $671,000 more in the first quarter of 2004.
