Benzinga | Dec 10, 2021 12:38PM EST

FAT Brands Enters Libya With 10-Store Deal

* FAT Brands Inc (NASDAQ:FAT) signed a new deal to enter Libya with 10 new franchised restaurants. The financial terms of the arrangement were not disclosed.

* The new stores will be five co-branded Johnny Rockets and Hurricane Grill & Wings locations and five co-branded Fatburger and Buffalo's Express restaurants. The new stores will be opened over three years.

* "The Middle East is an important growth area for FAT Brands," said CEO Andy Wiederhorn.

* Franchisee Al Majmoua Al Moutakamila is spearheading the 10-store deal, marking the first co-branded Johnny Rockets and Hurricane Grill & Wings location to date in the region.

* Price Action: FAT shares are trading higher by 1.34% at $10.56 on the last check Friday.