Exhibit 99.1

Investor Contact: Ken Jones
                  864-597-8658
                                                                NEWS RELEASE
Media Contact:    Debbie Atkins
                  864-597-8361


  DENNY'S CORPORATION COMPLETES $92.0 MILLION PRIVATE PLACEMENT OF COMMON STOCK

         SPARTANBURG, S.C., July 7, 2004 -- Denny's Corporation (OTCBB: DNYY)
announced today that it has closed a private placement of 48,429,997 shares of
its common stock sold to accredited institutional investors at a price of $1.90
per share yielding gross proceeds of approximately $92.0 million. The Company
now has 89.7 million aggregate shares outstanding. The proceeds from the private
placement will be used to reduce indebtedness and for general corporate
purposes. The Company may initially reduce debt by repaying a portion of amounts
outstanding under the Company's credit facility as well as prepaying or
acquiring a portion of the Company's 12.75% Senior Notes due 2007 and/or 11.25%
Senior Notes due 2008. UBS Securities LLC acted as exclusive placement agent and
financial advisor to the Company in connection with this private placement.

         Commenting on the transaction, Andrew F. Green, Chief Financial Officer
of Denny's, said, "The deleveraging effected by this substantial equity
investment, along with our improving operational performance, enhances Denny's
credit profile. In order to further strengthen our capital structure, we are
moving forward with refinancing our credit facility as well as evaluating a
refinancing of some or all of our senior notes. We believe these efforts will
enable us to lower our interest expense, providing additional cash flow for
investment in new restaurants, remodels of current restaurants and other growth
initiatives."

         Nelson J. Marchioli, President and Chief Executive Officer of Denny's,
stated, "We are very pleased with the support provided by these institutional
investors, which include both existing shareholders and new investors. We feel
it is further confirmation of the strength of the Denny's brand and the steps we
have taken to build upon that strong foundation."

         The securities sold in the private placement have not been registered
under the Securities Act of 1933, as amended, and may not be re-offered or
re-sold in the United States in the absence of an effective registration
statement or exemption from registration requirements. However, as part of the
transaction, the Company has agreed to file a registration statement with the
Securities and Exchange Commission no later than 30 days after the closing of
the transaction, and thereafter to seek and maintain the effectiveness of such
registration statement, for purposes of registering for resale the shares of
common stock issued in the private placement.

         This release shall not constitute an offer to sell or the solicitation
of an offer to buy, nor shall there be any sale of these securities in any state
in which such offer, solicitation or sale would be unlawful prior to the
registration or qualification under the securities laws of any such state.








         Denny's is America's largest full-service family restaurant chain,
consisting of 556 company-owned units and 1,063 franchised and licensed units,
with operations in the United States, Canada, Costa Rica, Guam, Mexico, New
Zealand and Puerto Rico. For further information on Denny's, including news
releases, links to SEC filings and other financial information, please visit our
website at www.dennys.com.

         Certain matters discussed in this release may constitute forward
looking statements involving risks, uncertainties, and other factors that may
cause the actual performance of Denny's Corporation, its subsidiaries and
underlying restaurants to be materially different from the performance indicated
or implied by such statements. Factors that could cause actual performance to
differ materially from the performance indicated by such statements include,
among others: the competitive pressures from within the restaurant industry; the
level of success of the Company's operating initiatives and advertising and
promotional efforts; adverse publicity; changes in business strategy or
development plans; the ability to refinance our credit facility on favorable
terms; terms and availability of capital; regional weather conditions; overall
changes in the general economy, particularly at the retail level; political
environment (including acts of war and terrorism); and other factors from time
to time set forth in the Company's SEC reports, including but not limited to the
discussion in Management's Discussion and Analysis and the risks identified in
Exhibit 99 contained in the Company's Annual Report on Form 10-K for the year
ended December 31, 2003 (and in the Company's subsequent quarterly reports on
Form 10-Q).