Owner of Ray’s on the River retires, to sell restaurants – 11Alive.com WXIA

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ATLANTA — An Atlanta restaurateur who has operated a collection of upscale steak and seafood restaurants for 40 years will sell his company.

Ray Schoenbaum, founder and owner of Ray’s Restaurants, is retiring, according to a statement provided to Atlanta Business Chronicle. He has an agreement to sell his three restaurants: Ray’s on the River, Ray’s in the City and Ray’s at Killer Creek.

TEI Hospitality, a family-owned restaurant and hospitality company based in Kennesaw, is the buyer.

A spokesperson for Ray’s Restaurants could not disclose the value of the deal, or additional information about the buyer. It’s not clear what the buyer plans for the restaurants.

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