FAT Brands Enters Libya With 10-Store Deal

FAT Brands Inc (NASDAQ:FAT) signed a new deal to enter Libya with 10 new franchised restaurants. The financial terms of the arrangement were not disclosed.
The new stores will be five co-branded Johnny Rockets and Hurricane Grill & Wings locations and five co-branded Fatburger and Buffalo's Express restaurants. The new stores will be opened over three years.
"The Middle East is an important growth area for FAT Brands," said CEO Andy Wiederhorn.
Franchisee Al Majmoua Al Moutakamila is spearheading the 10-store deal, marking the first co-branded Johnny Rockets and Hurricane Grill & Wings location to date in the region.
Price Action: FAT shares are trading higher by 1.34% at $10.56 on the last check Friday.