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Finance

Perkins Wants to Oust One of Its Biggest Franchisees

After failing to comply with its franchise agreement, one of Perkins’ largest operators could be forced to close 26 locations. Perkins is suing Campbell Land Co., which operates Perkins locations in Ohio (10), Pennsylvania (15), and New York (one), to shutter those stores after not paying royalties and making upgrades.

Where Do Local Restaurants Stand in 2019?

The independent restaurant scene is always in flux. According to CHD Expert, the segment represents 68 percent of the total U.S. dining landscape. As of October 2017, there were more than 489,900 total independent units (defined as a establishment with fewer than 10 units by this study).

Del Frisco’s Sold to L Catterton for $650 Million

Del Frisco’s has entered into a definitive agreement to be purchased by private-equity firm L Catterton, the companies announced June 24. L Catterton, which is no stranger to the restaurant space with investments in Noodles & Company, Uncle Julio’s, Hopdoddy, Chopt, Anthony's Coal Fired Pizza, and others, is buying the multi-concept restaurant group in an all-cash transaction valued at about $650 million.

Investor Calls for Removal of Red Robin Board Members

Less than a week after calling for the auction of Red Robin, activist shareholder Vintage Capital is pushing for further leadership changes. Vintage, which holds 1.5 million shares or about 12 percent of Red Robin's stock, called for a special meeting of shareholders in order to remove board members in a SEC filing.

Perkins & Marie Callender’s Considering Bankruptcy, Report Says

Hoping for a sale, Perkins & Marie Callender’s is finding the buyer’s market thin, according to a recent report from Debtwire. The parent company of the two brands, which operates 369 domestic Perkins and 48 Marie Callender’s Restaurant & Bakery locations, per its respective websites, launched the sale process February via investment banking firm Houlihan Lokey, the report said.