AFC plans to sell Church's Chicken.(Brief Article)

AFC Enterprises Inc., franchiser and operator of the Church's Chicken, Popeyes Chicken & Biscuits, Cinnabon and Seattle's Best Coffee businesses, has signed an agreement to sell its Church's concept to Crescent Capital Investments Inc., according to an announcement.

The deal will leave AFC, which already has signed an agreement to sell the Cinnabon and Seattle's Best Coffee franchises to Roark Capital Group (Feedstuffs, Sept. 24), as the operator of only the Popeyes franchise.

AFC said it would sell Church's for $390 million in cash and notes and would apply proceeds to debt retirement. The sale is scheduled to be completed by the end of the year, but …