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Nathan's Famous Inc. (NasdaqNM:NATH - News), announced that it had received notice from Home Depot in late August terminating 8 licensing agreements for in-store restaurants.
In an SEC filing, Nathan’s reported fiscal year 2002 sales of $4.1 million, or 14.9% of total restaurant sales, at the soon-to-close locations. These stores added $315,675 in income to the company before taxes.
Nathan’s will close the locations around February 20. The company says it is entitled to an agreement termination settlement from the home improvement chain. No reason was stated for the terminations.