NEW YORK — Ark Restaurants Corp. announced a stock repurchase program authorizing management to purchase up to 500,000 shares of the Company’s common stock during the next 12 months. Any repurchases under the program will be funded using the Company’s working capital and be based on management’s evaluation of market conditions and other factors.
Shares in the company closed Wednesday at $27.34, up $0.45.
Ark Restaurants owns and operates 21 restaurants and bars, 19 fast food concepts and catering operations primarily in New York City, Florida, Washington, D.C. and Las Vegas, NV. Six restaurants are located in New York City, two are located in Washington, D.C., five are located in Las Vegas, Nevada, three are located in Atlantic City, New Jersey, one is located at the Foxwoods Resort Casino in Ledyard, Connecticut, one is located in Boston, Massachusetts and three locations in Florida.
The company’s NY restaurants include: Bryant Park Grill; Canyon Road; Clyde Frazier’s; El Rio Grande; Robert; and Southwest Porch at Bryant Park.
The Las Vegas operations include four restaurants within the New York-New York Hotel & Casino Resort and operation of the hotel’s room service, banquet facilities, employee dining room and six food court concepts; and one restaurant within the Planet Hollywood Resort and Casino. In Atlantic City, New Jersey, the Company operates a restaurant and a bar in the Resorts Atlantic City Hotel and Casino and a restaurant in the Tropicana Hotel and Casino. The operations at the Foxwoods Resort Casino include one fast food concept and one restaurant. In Boston, Massachusetts, the Company operates a restaurant in the Faneuil Hall Marketplace. The Florida operations include two Rustic Inn’s, one in Dania Beach, Florida and one in Jupiter, Florida; Shuckers in Jensen Beach, Florida; and the operation of five fast food facilities in Tampa, Florida and seven fast food facilities in Hollywood, Florida, each at a Hard Rock Hotel and Casino operated by the Seminole Indian Tribe at these locations.