McCormick & Schmick’s for sale


McCormick & Schmick’s Seafood Restaurants Inc. executives said that the chain intends to put itself on the market.

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McCormick & Schmick’s Seafood Restaurants Inc. executives said that the chain intends to put itself on the market.

At the same time, they are continuing to insist that the bid by restaurateur Tilman Fertitta is too low.

The announcement came as the Portland company reported first-quarter earnings with flat sales and a loss of $700,000, or 4 cents a diluted share, compared to a net loss of $400,000, or 3 cents a share, in the year-ago period.

Chief Executive Bill Freeman said the company was “openminded” about the sale process, adding that in the meantime he’ll push forward with a “revitalization plan” that includes employee training and $6.5 million — down from earlier forecasts of as much as $15 million — in upgrades to eight restaurants.

Read more at OregonLive.com.

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