J. Alexander's executives on Friday announced they plan to open a restaurant in a Lexington, Kentucky, mixed-use development next year. The 8,100-square-foot location will employ roughly 100 full- and part-time people and join a number of other restaurants at The Summit at Fritz Farm as well as Whole Foods and Pottery Barn.
Nashville-based J. Alexander's has been majority-owned by Fidelity National Financial since 2012 and also runs higher-end eateries under the Redlands Grill and Stoney River brands. The chain is on track to be spun out to FNF investors in the coming weeks.
The team at J. Alexander's plans to build a nearly 8,000-square-foot Stoney River Legendary Steaks outpost in Germantown near Memphis. The location will be Stoney River's 11th and is expected to open around year's end. Stoney River, where the average customer spends more than $45, has been part of the J. Alexander's family since early 2013.
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J. Alexander's appears to be making a move into North Carolina. The Triangle Business Journal reports it has filed design papers with Raleigh officials for an 8,420-square-foot restaurant between downtown and Raleigh-Durham International Airport. (J. Alexander's roughly 30 locations range in size from 6,900 to 9,000 square feet.) CEO Lonnie Stout and his team have been hatching growth plans for a while: Last fall, they said they were keeping close tabs on about 30 expansion sites in 20 markets. Raleigh appearance commissioners will review the Nashville-based company's plans Thursday.
Shares of J. Alexander's will soon be distributed to investors of Fidelity National Financial, the title insurance titan that acquired the chain in late 2012. The company had 2014 sales of about $200 million.
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