Campbell Sells Last of Restaurant Units
CAMDEN, N.J. (AP) _ Campbell Soup Co. has decided to stick to producing and not serving food and has ended its 15-year stint in the restaurant business.
The Camden-based firm has agreed to sell its chain of Annabelle’s eateries for an undisclosed amount to Cavendish Capital Corp. of New York.
″We are primarily a manufacturer of food,″ Campbell spokesman James Moran said Thursday. ″We decided to put our resources and efforts back into what we do best.″
The sale of the 16-unit chain is subject to the buyer obtaining financing, Moran said. The sale should be completed by mid-September, he said.
Annabelle’s, a Campbell operation since 1983, had revenues of $19 million last year. The chain operates in the Carolinas, Kentucky, Tennessee and Virginia.
Campbell entered the restaurant business in 1973 with a chain of Hanover Trail steakhouses and converted some in the early 1980s to H.T. McDoogal’s eateries. The company closed its last McDoogal’s in 1986.
In April, the firm sold a 65-unit Pietro’s pizza shop chain, which is located primarily in the northwest.