The chain's Big Easy restaurant, closed since August 29 because of Hurricane Katrina, was put up for sale in April.
"We have determined that the New Orleans business community is at the point where it can support [a Smith & Wollensky]," said Alan Stillman, chairman and CEO.
The search for new locations has been complicated by expansion of quality locations across the United States, Stillman said. But the company has narrowed the expansion plans to three potential sites, and is in lease negotiations. The first new unit would likely not open before July 2007.
Smith & Wollensky operates 16 namesake restaurants in New York, Miami Beach, Chicago, Las Vegas, Washington, DC, Philadelphia, Columbus, Dallas, Houston and Boston. It also operates five other restaurants in New York: Cite, Maloney & Porcelli, Park Avenue Cafe, the Post House and Quality Meats.
For the second quarter, comparable consolidated restaurant sales decreased 1.7% compared with the second quarter of 2005. Total consolidated restaurant sales were $30.2 million down from $32 million in the second quarter of 2005. Yet earnings rose to $572,000 in the quarter, compared with income of $104,000 for the same period in 2005.
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