SUBSEQUENT EVENTS	12 Months Ended
Dec. 29, 2019
Subsequent Events
Subsequent Events	(17) SUBSEQUENT EVENTS We evaluated for the occurrence of subsequent events through the issuance date of our financial statements. No other recognized or non-recognized subsequent events occurred that require recognition or disclosure in the consolidated financial statements except as noted below. On February 11, 2020, we entered into an Asset Purchase Agreement with Granite City Food & Brewery Ltd. (“Granite City”) to acquire certain assets associated with Granite City restaurants in connection with the Chapter 11 filing of Granite City (the “Acquisition”). The Acquisition was approved by the Bankruptcy Court at a hearing on February 21, 2020. The purchase price for the assets purchased was $3,650,000. On March 9, 2020, we closed the Acquisition with cash on hand and borrowing under its existing loan agreement with Choice. Subsequent to December 29, 2019, we obtained funding from our agreement with Choice of $8.1 million in the aggregate. As of March 12, 2020, the balance on such note was $15.0 million. In March 2020 the World Health Organization declared the novel strain of coronavirus (“COVID-19”) a global pandemic. This contagious virus, which has continued to spread, has adversely affected workforces, customers, economies, and financial markets globally, leading to an economic downturn. It has also disrupted the normal operations of many businesses, including ours. There have been mandates from federal, state and local authorities requiring forced closures of certain businesses, which could negatively impact our business. As of the date of this filing, certain Company-owned and franchise restaurants have been temporarily closed or only able to offer to-go or delivery. While it is not possible for us to predict the duration or magnitude of the adverse results of the outbreak of COVID-19 and its effects on our business or results of operations at this time, we do anticipate it will have an adverse effect on our revenue and profitability in fiscal 2020.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 29, 2019

(17) SUBSEQUENT EVENTS

We evaluated for the occurrence of subsequent events through the issuance date of our financial statements. No other recognized or non-recognized subsequent events occurred that require recognition or disclosure in the consolidated financial statements except as noted below.

On February 11, 2020, we entered into an Asset Purchase Agreement with Granite City Food & Brewery Ltd. (“Granite City”) to acquire certain assets associated with Granite City restaurants in connection with the Chapter 11 filing of Granite City (the “Acquisition”). The Acquisition was approved by the Bankruptcy Court at a hearing on February 21, 2020. The purchase price for the assets purchased was $3,650,000. On March 9, 2020, we closed the Acquisition with cash on hand and borrowing under its existing loan agreement with Choice.

Subsequent to December 29, 2019, we obtained funding from our agreement with Choice of $8.1 million in the aggregate. As of March 12, 2020, the balance on such note was $15.0 million.

In March 2020 the World Health Organization declared the novel strain of coronavirus (“COVID-19”) a global pandemic. This contagious virus, which has continued to spread, has adversely affected workforces, customers, economies, and financial markets globally, leading to an economic downturn. It has also disrupted the normal operations of many businesses, including ours. There have been mandates from federal, state and local authorities requiring forced closures of certain businesses, which could negatively impact our business. As of the date of this filing, certain Company-owned and franchise restaurants have been temporarily closed or only able to offer to-go or delivery. While it is not possible for us to predict the duration or magnitude of the adverse results of the outbreak of COVID-19 and its effects on our business or results of operations at this time, we do anticipate it will have an adverse effect on our revenue and profitability in fiscal 2020.