Cedar Fair Entertainment Co .(FUN), an operator of regional amusement resorts, water parks and active entertainment, Friday said it has retained the services of Merrill Lynch & Co. for assistance in exploring the sale of certain assets and other strategic alternatives.
Cedar Fair Entertainment said it would continue to focus on reducing debts and also expects to strengthen its financial position over the long term by exploring the sale of certain assets.
Sandusky, Ohio based Cedar Fair is a regional amusement-resort owner, and operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels.
In the recent fourth quarter, Cedar Fair Entertainment reported a loss that widened from the same quarter a year ago, despite a rise in revenues, hurt by one-time charges of $86.99 million related to the impairment of goodwill and other intangibles.
On February 2, 2009, Cedar Fair Entertainment closed trading at its lowest level since 1992, at $8.90, down $0.59 from the previous day's close.
FUN closed Friday's trading session at $8.63, down $0.07 or 0.80% on a volume of 197k shares on the NYSE.
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