Mangos Restaurant and Lounge, the iconic island-style restaurant and lounge on Las Olas Boulevard in Fort Lauderdale, may be in the process of being bought out by Big Three Restaurants Inc.
The Orlando corporation is in the business of owning and operating franchise restaurants.
Big Three is an early-stage development company with plans to purchase nine Kentucky Fried Chicken stores, one Taco Bell, one Long John Silver -- and Mango's.
With its island theme and large indoor/outdoor bar, Mangos has long been a fixture on Las Olas, especially during weekends, when live bands provide music for dancing and happy hours provide locals and tourists alike a place to mingle over cocktails and fish dip.
In a news release issued by Big Three Restaurants, the public
company stated it has entered into a letter of intent to purchase both the
restaurant and lounge for $2.5 million and the real estate for $5.6
million. The purchase of Mangos is contingent on funding, completion of
due diligence, and entry into a definitive agreement.
According to
both parties, Mangos would operate as usual, with just a change in
ownership. John Day, a partner in Mangos for 21 years, was surprised
that a news release had been issued by Big Three Restaurant. He said that although the sale was not yet completed, if it were to go through, "things will not change." "We are a legend in our own time," he told
Clean Plate Charlie. "Mangos will roll right along."
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