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Jillian's Auction to Be Held September 21, Bids for Assets Due
September 14
LOUISVILLE, Ky., Aug. 9 /PRNewswire/ -- An auction for the sale of the assets
of Jillian's Entertainment Holdings Inc. and its affiliates has been set for
Tuesday, September 21, 2004, at 10 a.m. Bids are due a week earlier, on
September 14, 2004, prior to 5 p.m. All times are Louisville (Eastern
Daylight) time.
Jillian's is a privately held company that operates 35 multi-venue
entertainment complexes, or clubs, under the Jillian's brand name in 20 states.
The company generated revenues of $160 million and earnings of $18.7 million
before interest, taxes, depreciation and amortization for the fiscal year ended
March 28.
As announced earlier, Jillian's has received "stalking horse" bids from two
parties, Dave & Buster's Inc. (NYSE:DAB) and Gemini Investors III, L.P. of
$27.6 million and $11.2 million respectively for certain of its assets.
Under bid procedures approved July 13 by the U.S. Bankruptcy Court for the
Western District of Kentucky in Louisville, other qualified parties may submit
higher and better offers for some or all of Jillian's assets, including clubs
or other assets covered by the stalking horse bids.
Bids can be proffered for some or all of the 11 mall-based clubs or other
assets in the Dave & Buster's bid; some or all of the 19 urban and upscale
clubs or other assets in the Gemini bid; and/or any or all of the clubs and
other assets not covered by the two stalking horse bids, including clubs in
Memphis, Tenn.; Rochester, N.Y.; and Tacoma, Wash. The sale so far has
generated a number of inquiries.
The auction is being conducted under Section 363 of the U. S. Bankruptcy Code,
under which Jillian's filed for Chapter 11 voluntary reorganization May 23.
Except for certain administrative and procedural requirements under Chapter 11,
Jillian's has been operating in the ordinary course of business since the
filing.
Jillian's, like the rest of the "eat-drink-play" industry, was affected by
economic conditions beginning in 1999 and then fallout from the events of 9/11.
It has stabilized operations in the last two years and has experienced
improved sales since last September. It has also improved financial
performance since January 1.
Bidders must follow procedures set up by the Bankruptcy Court, including
submission of financial qualifications. Also, competing bids for the assets
comprising the Dave & Buster's bid must exceed $28,657,400, and for the assets
included in the Gemini bid, $11,729,957.
Qualifying bidders, including the stalking horse bidders, may increase their
bids at the auction. The Bankruptcy Court has scheduled a hearing for
Thursday, September 23 at 10:30 a.m. (Louisville time) on a motion to approve
the sale or sales to bidders with the highest and best bids.
Potential bidders may obtain more information regarding the company's
bankruptcy filing, including bid procedures, by visiting
http://www.kccllc.net/jillians . Bid procedures and other court documents may
also be found at http://www.kywb.uscourts.gov/ .
Potential bidders may also obtain more information regarding the sale by
contacting Charlie Reardon of Houlihan Lokey Howard & Zukin Capital, Investment
Bankers, at (703) 714-1728.
About Jillian's
Jillian's is a leading operator of upscale entertainment complexes featuring
interactive entertainment and dining. The 35 Jillian's clubs, located in 20
states, offer dining, beverages, billiards and videogames and other interactive
entertainment. Many also offer live music, dancing and bowling, among other
entertainment. Each location features a restaurant, bar, billiard hall and
game room with a variety of team and individual electronic games. A number of
the larger new units also include Hi-Life Lanes, high- energy bowling alleys
with bars and lounge areas. Jillian's units range in size from 7,000 to 70,000
square feet. Jillian's, founded in 1988, is based in Louisville, Ky. More
information about Jillian's can be found at http://www.jillians.com/ .
About statements in this release
Except for historical information contained in this release, statements herein
may constitute forward-looking statements as per the Private Securities
Litigation Reform Act of 1995. These statements may involve known and unknown
risks, uncertainties and other factors, which may cause the actual results to
differ materially from what is set forth in this release, including any results
from future performance and proposed transactions. The company does not intend
to update any such statements.
DATASOURCE: Jillian's Entertainment Holdings Inc.
CONTACT: Tom Andrzejewski or Rob Falls of Robert Falls & Co. Public
Relations, +1-216-696-0229
Web site: http://www.jillians.com/
http://www.kccllc.net/jillians
http://www.kywb.uscourts.gov/