Nathan's sells Miami Subs for $3.3M

WESTBURY N.Y. Hotdog heavyweight Nathan's Famous Inc. has sold its Miami Subs Corp. subsidiary to an investment company led by Bruce Galloway and Gary Herman for $3.3 million.

The buyer, Miami Subs Capital Partner 1 Inc., tendered $850,000 in cash and a secured promissory note for $2.4 million, payable over four years. Miami Subs franchises 59 unit broad-menu quick-service restaurants.

Nathan's purchased the brand in October 1999 in an exchange of