What Urban Outfitters paid for Vetri restaurants
The answer was contained in the company's 10-Q filing with the Securities & Exchange Commission, released today.
Urban Outfitters announced late last year that it was buying most of the Vetri Family restaurants - the Pizzeria Vetri locations, Osteria, Lo Spiedo, Alla Spina, and Amis - but not the flagship Vetri ristorante on Spruce Street.
The hanging question: What exactly did URBN pay?
The answer was contained in the company's 10-Q filing with the Securities & Exchange Commission, released today:
"On February 1, 2016, the Company acquired certain assets of the Vetri Family group of restaurants, headquartered in Philadelphia, PA, for a total aggregate purchase price of approximately $18,937,000, of which $15,325,000 was in cash, $2,687,000 was satisfied through the settlement of a note receivable and up to an additional $925,000 which will be paid in the fourth quarter of fiscal 2017. No liabilities were assumed. Pro forma information related to this acquisition is not included because the impact on the Company’s Condensed Consolidated Statements of Income is not considered to be material."
So ... $18.9 mill. That's a lotta dough, as @King_Hoagie quipped on Twitter.