Item 7.01. Regulation FD Disclosure
Fourth Quarter 2020 Update:
• During the month of
its Company-owned and managed restaurants open, which included 71 restaurants offering limited capacity dining service and one restaurant offering to-go and delivery service only.
• Beginning in the second half of November, the Company faced an increasing
number of local COVID-19 pandemic-related governmental restrictions, including all 14 of the Company'sCalifornia restaurants being limited to to-go and delivery service only. At the end of the fourth quarter, 91% (70 of 77) of Company-owned and managed restaurants were open, which included 48 restaurants offering limited capacity dining service, three restaurants offering outdoor seating only, and 19 restaurants offering to-go and delivery service only.
• 93% (67 of 72) of the Company's franchisee-owned restaurants were open as of
the end of the fourth quarter, which included 60 restaurants offering limited capacity dining service, two restaurants offering outdoor seating only, and five restaurants offering to-go and delivery service only.
• As of
million, which includes a$20.2 million debt repayment during the fourth quarter. The Company has$115.0 million of debt outstanding under its senior credit facility and outstanding letters of credit of$4.8 million .
The information in this Item 7.01 of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section. The information in this Item 7.01 of this Current Report on Form 8-K shall not be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
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