ATLANTA (AP) — Blimpie International Inc., which operates a chain of submarine sandwich shops, said its shareholders have agreed to sell the company to a private investor group for about $25.8 million.
The sale is expected to close in the first part of January. Blimpie shares, which have traded under $3 recently on the American Stock Exchange, will be delisted.
The purchase price is based on a share value of $2.80 for about 9.2 million outstanding shares.
Blimpie is being purchased by a group of investors led by Jeff Endervelt, who operates 50 Blimpie shops in California.
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Atlanta-based Blimpie operates about 2,000 franchise stores in the U.S. and 15 other countries. The company was founded in 1964 in Hoboken, N.J.