NEW YORK–October 22, 2015–SBEEG Holdings, LLC (“SBE”) and The ONE Group Hospitality, Inc. (“The ONE Group”) (Nasdaq:STKS) have decided that it is in their mutual interests to terminate the agreements relating to the acquisition of sbe’s Katsuya and Cleo brands.
sbe looks forward to continuing to build momentum for Katsuya and Cleo by working closely with Chef Katsuya Uechi and Chef Danny Elmaleh. sbe’s plans call for the opening of eleven Katsuya locations in addition to the eight operating today and the opening of three new Cleo locations in addition to those operating in Hollywood, Las Vegas and South Beach.
The ONE Group will continue to develop and operate its portfolio of renowned, upscale restaurants and lounges, including STK and STK Rebel, as well as its food and beverage hospitality services business, ONE Hospitality, which provides development, management and operational services and expertise to hotels and high end venues. Both SBE and The ONE Group look forward to the opportunity to work together in the future.
