Bob Evans Farms said it has entered into agreements to sell and leaseback 145 restaurants for $200 million.
The family-restaurant operator said it expects to net at least $165 million, which will be used to pay down debt.
The sales are expected to be completed by April 29, the end of Bob Evans’ fiscal year.
The buyers are National Retail Properties, which has agreed to pay $163.4 million for 119 restaurants, and Mesirow Realty, which intends to pay $36.6 million for 26 properties.
Bob Evans Farms has been under pressure from investors for more than a year to sell and leaseback its restaurants. Virtually all of its 547 restaurants are owned and operated by the company.