Shoney's Founder Divests His Stake
The turbulent Raymond Danner era at Shoney's is coming to an end. The Nashville-based restaurant chain announced Mar. 9 that it will pay $110 million to buy all remaining shares held by its founder and his affiliates. The company also said that the 68-year-old Danner won't stand for reelection to the board.
Danner was a defendant in a lawsuit that alleged blacks had long been discriminated against in hirings and promotions at Shoney's. The company agreed last year to pay $105 million to settle the case, and Danner, accused of promoting the culture of bias, funded 83% of the settlement by contributing Shoney's stock.