8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 9, 2020

BBQ HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

 

 

 

Minnesota

001-39053

83-4222776

(State or other jurisdiction

of incorporation)

(Commission

File Number)

(IRS Employer

Identification No.)

 

(Address of principal executive offices) (Zip Code)

 

12701 Whitewater Drive, Suite 290, Minnetonka, MN 55343

(952) 294-1300

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

DAVE

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.01 par value

BBQ

The Nasdaq Global Market

Indicated by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Page 1 of 3

Item 2.01.Completion of Acquisition or Disposition of Assets.

As previously announced, on February 11, 2020, the Company entered into an Asset Purchase Agreement with Granite City Food & Brewery Ltd. (“Granite City”) to acquire certain assets associated with Granite City restaurants in connection with the Chapter 11 filing of Granite City (the “Acquisition”). The Acquisition was approved by the Bankruptcy Court at a hearing on February 21, 2020. The purchase price for the assets purchased was $3,650,000. On March 9, 2020, the Company closed the Acquisition with cash on hand and borrowing under its existing loan agreement with Choice Financial Group.

Item 9.01.Financial Statements and Exhibits.

(a)Financial statements of business acquired.

The financial statements that may be required in connection with the Acquisition are not included in this Current Report on Form 8-K. The Company will file the required financial statements within 71 calendar days after the date this Current Report on Form 8-K was required to be filed with the Securities and Exchange Commission.

(b)Pro forma financial information.  

The financial statements that may be required in connection with the Acquisition are not included in this Current Report on Form 8-K. The Company will file the required financial statements within 71 calendar days after the date this Current Report on Form 8-K was required to be filed with the Securities and Exchange Commission.

(d)Exhibits.

Exhibit No.

Description

99.1

Press Release, dated March 10, 2020

104

Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

BBQ HOLDINGS, INC.

Date: March 12, 2020

By:

/s/ Jeff Crivello

Name: Jeff Crivello

Title: Chief Executive Officer

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Folio 1 - GC press release

Exhibit 99.1

MEDIA CONTACT:

Jennifer Hoch

No Limit Agency

312-526-3996

jennifer@nolimitagency.com

 

FOR IMMEDIATE RELEASE

 

BBQ Holdings, Inc. Announces Acquisition of 18 Granite City Food & Brewery Restaurants

The national restaurant company continues to diversify its portfolio, most recently acquiring the made-from-scratch craft food and craft beer restaurant.

 

Minnetonka, Minn. — BBQ Holdings, Inc., a company known for its BBQ restaurants including Famous Dave’s, Clark Crew BBQ and Real Famous BBQ has officially acquired Granite City Food & Brewery. The acquisition took place on March 10, 2020 and has immediately gone into effect for the 18 restaurants in Minnesota, Iowa, Illinois, Nebraska, Montana, Tennessee, Indiana, Michigan, South Dakota and North Dakota.

 

Founded in 1999 as a single store restaurant in St. Cloud, Minnesota, the brand has built a strong reputation in the Midwest for its award-winning craft beer and made-from-scratch craft food. The brand’s chef driven menu is designed to introduce guests to innovative new cuisine choices and flavor profiles. The Minnesota-based restaurant brand has separated itself from competition in the segment through craft beer expertise, on-site brewing and customer experience.

“As an originator of the craft beer trend, with a strong and consistent product across all of its locations, Granite City Food & Brewery is a fantastic addition to the BBQ Holdings portfolio,” said Jeff Crivello, Chief Executive Officer of BBQ Holdings. “We intend to leverage and utilize much of our infrastructure in an effort to absorb this iconic brand to ensure an accretive transaction. Expected cash EBIDA accretion for 2020 is $2,250.000, based on approximately 9 months of operation under BBQ Holdings.”

 

BBQ Holdings, Inc., has plans to bring back the founder of Granite City, Steve Wagenheim, in an effort to operate the stores with a guest-first attitude. During his 14 years with Granite City, and inclusive of over 50 restaurant openings with Granite City and other brands, Wagenheim’s vision has always been to create an exceptional guest experience by delivering outstanding hospitality and distinctive value to all guests.

 

 

ABOUT BBQ HOLDINGS INC.:

BBQ Holdings, Inc. (NASDAQ: BBQ) BBQ Holdings is a national restaurant company engaged in the ownership and operation of casual and fast dining restaurants.  As of March 9, 2020 BBQ

Holdings has four brands with 144 overall locations in 33 states and three countries, including 50 company-owned and 94 franchise-operated restaurants. While BBQ Holdings continues to diversify its ownership in the restaurant community, it was founded with the principle of combining the “art and science” of barbecue to serve up the very best of the best to barbecue lovers everywhere. BBQ Holdings, through partnerships, has extended Travis Clark’s award winning line of barbecue sauces, rubs and seasonings into the retail market. Along with a wide variety of BBQ favorites served at their BBQ restaurants, BBQ Holdings newest addition, Granite City Food and Brewery, offers award winning craft beer and a made-from-scratch, chef driven menu featuring contemporary American cuisine.

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Document and Entity Information
Mar. 09, 2020
Document and Entity Information [Abstract]  
Document Type 8-K
Document Period End Date Mar. 09, 2020
Entity File Number 001-39053
Entity Registrant Name BBQ HOLDINGS, INC.
Entity Incorporation, State or Country Code MN
Entity Tax Identification Number 83-4222776
Entity Address, Address Line One 12701 Whitewater Drive, Suite 290
Entity Address, City or Town Minnetonka
Entity Address, State or Province MN
Entity Address, Postal Zip Code 55343
City Area Code 952
Local Phone Number 294-1300
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock, $0.01 par value
Trading Symbol BBQ
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Entity Central Index Key 0001021270
Amendment Flag false