While slow and steady, restaurant sales are still trending in the right direction, according to TDn2K’s latest Black Box Intelligence, which gathers weekly sales data from more than 30,000 locations representing 170-plus brands and nearly $70 billion in annual sales.
The majority of Iron Chef Jose Garces’ portfolio of restaurants have been sold for $8 million in cash to 3BM1, a company funded by Ballard Brands and Philadelphia-based investor David Maser. Garces will stick on as chief culinary officer.
When John Plew opened his first Thirsty Lion Gastropub & Grill near Portland, Oregon in 2006, it was relatively straightforward for him to maintain relationships with local suppliers and tap into consumers’ growing appetite for local food and drink.
FAT (Fresh. Authentic. Tasty.) Brands Inc. announced Thursday that it has successfully completed the previously announced acquisition of Hurricane Grill & Wings for $12.5 million, which was funded through a combination of $8 million of cash and $4.
The owner of P.F. Chang’s Bistro said now “is an exciting time to explore a sale,” a move that could help the chain deal with debt burden of about $680 million. Centerbridge Partners and the Board of Managers of Wok Parent LLC announced they have retained BofA Merrill Lynch and Barclays to explore a potential sale of the Asian chain, which Centerbridge acquired in 2012 along with fast casual Pei Wei in a deal valued at $1.
For restaurant operators that want to grow and need funding, partnering with a private-equity investor can be a good place to start, as long as operators fully consider the pros and cons.Private-equity firms can provide significant benefits to a restaurant company, such as providing the financial backing that can fuel substantial growth.
AccorHotels and sbe Entertainment Group signed a Letter of Intent and entered into exclusive negotiations for AccorHotels to acquire a 50 percent stake in sbe, further illustrating AccorHotels's strategy to expand its offering in the luxury lifestyle hospitality segment.
Much of what has taken place at LongHorn Steakhouse in recent years counteracts the casual-dining playbook of old. Simplify and shrink the menu, but improve loyalty and accelerate same-store sales. Historically those results just don’t co-exist in the same battlefield.
Beef ‘O’ Brady’s, a family-friendly sports bar and restaurant franchise, entered the second quarter of 2018 poised with rapid growth momentum. The brand has undergone a number of strategic changes within the last 12 months, including an entirely refreshed brand image, renovations to existing locations and a revamp of the menu.
Darden’s strong close to fiscal 2018 soared its stock more than 15 percent Thursday to $107.06, its highest point since March 2009. Don’t expect that momentum to slow anytime soon. In fact, Darden said during a June 21 conference call that it plans to open 45–50 new restaurants in 2019—a pretty rare growth boom in today’s casual-dining arena.
Darden’s “brilliant with the basics” operating strategy has been the anchor for its industry-fronting results for years now, and the fourth quarter was no different. Same-store sales increased at every brand except its most recent acquisition, Cheddar’s Scratch Kitchen, resulting in a blended lift of 2.
In recent years, fees charged by franchise brands have increased significantly without additional support. Buffalo Wings & Rings, a growing 80-plus unit global elevated sports restaurant brand, is bucking the industry trend and vowing not to continue charging franchisees investing in growing with the brand.
ARC Group, Inc., owner, operator, and franchisor of Dick’s Wings & Grill, said it intends to acquire Tilted Kilt, the Jacksonville-based company announced.Dick’s Wings, a 23-year-old brand, has 15 restaurants in Florida and five in Georgia.
It’s the end of an era for Dave & Buster’s. Since going public in 2014, chief executive officer Stephen M. King and chief financial officer Brian Jenkins have been the face of the company for investors.
Restaurant sales slowed a bit in May after a sizzling spring start. TDn2K’s latest Restaurant Industry Snapshot, based on weekly sales from more than 30,000 restaurant units, showed flat same-store sales growth across the industry—a significant slowdown from April’s 1.