Benihana posts 2Q loss, amends credit terms

MIAMI Benihana Inc. swung to a loss in its fiscal second quarter on lower same-store sales and costs associated with its brand renewal program, which includes restaurant remodels and menu changes at its flagship teppanyaki chain.

The company noted that its weak results led to a break in its credit agreement with Wachovia, and that the two companies have agreed on new terms. Wachovia waived Benihana’s noncompliance, and part of the new terms included reduced borrowings

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