Group LeDuff just paid $50 million to buy Mimi's. Press release says something about the sale generating value for the shareholders. As background, Mimi's was purchased for $182 million in 2004 when it had 81 restaurants. After spending a bunch of money to open another 60+ sites, it is sold for $132 million LESS than what they paid for it. That didn't seem to work out so well.
Don't forget the $120 mil it cost to add the 60+ new sites. Lets see $182 mil + $120 mil =$302 mil and thats just what we can estimate + or - a few mil. I guess if you stop the bleeding it's good for the shareholders!!! I have to say that the new owner got a great deal + financing, there's no way they can't make it work!