Acquisition (Tables)

6 Months Ended

Jul. 01, 2012

Acquisition [Abstract]

Purchase price [Table Text Block]

The total cash consideration paid at closing is reconciled as follows:

Fair value of assets acquired, including cash acquired	$	74,712
Less: Cash acquired	417
Less: equity consideration - issuance of 100 shares of Series A Convertible Preferred Stock	57,711
Less: additional consideration accrued but not paid	4,449
Net cash paid for the acquisition	$	12,135

The aggregate transaction value, net of cash acquired, was $74.7 million as follows:

Equity consideration - Issuance of 100 shares of Series A Convertible Preferred Stock	$	57,711
Cash purchase price:
Cash	417
Inventory	3,336
Franchise fees	9,443
Right of first refusal	3,805
Total estimated consideration	$	74,712

Schedule of Purchase Price Allocation [Table Text Block]

The preliminary allocation of the purchase price to the tangible and identifiable intangible assets acquired and liabilities assumed in the acquisition based on their estimated fair values was as follows (in thousands):

Cash	$	417
Inventory	3,336
Restaurant equipment	26,857
Restaurant equipment - subject to capital lease	10,870
Favorable/unfavorable leases	113
Capital lease obligation for equipment	(10,870		)
Franchise fees	9,443
Franchise rights	34,546
Net assets acquired	$	74,712

Business Acquisition, Pro Forma Information [Table Text Block]

The following table summarizes the Company's unaudited proforma operating results (in thousands):

	Three Months Ended							Six Months Ended
	July 1, 2012			July 3, 2011				July 1, 2012			July 3, 2011
Restaurant sales	$	174,090		$	164,068			$	332,978		$	315,496
Net loss from continuing operations	$	(2,664	)	$	(967	)	`	$	(8,937	)	$	(3,762	)
Net loss per share from continuing operations, basic and diluted	$	(0.12	)	$	(0.04	)		$	(0.40	)	$	(0.17	)