McCormick & Schmick’s on Tuesday responded to Tilman Fertitta’s USD 137.2 million buyout offer.
The Portland, Ore.-based company said the bid was unsolicited, and no discussions have been held with Fertitta concerning it. If the offer is officially made, said the company, the McCormick & Schmick’s board of will respond appropriately.
So far, the board has not decided whether to negotiate with Fertitta or any other party regarding the sale of the 96-unit upscale seafood chain. Fertitta, who took Landry’s Restaurants private last year, is the Houston-based company’s the chairman, president and CEO.
McCormick & Schmick’s is struggling. The company posted lackluster fourth-quarter and year-end results, including a 4.9 percent drop in same-restaurant sales in 2010. But it has committed to investing USD 10 million to USD 15 million to modernize its restaurants.
Fertitta told the Houston Chronicle on Tuesday that he’s confident he can turn around McCormick & Schmick’s. “We feel we can fix them,” he said.
