Global Foodservice News
Searching for the “Just Right” Leadership Approach in this Era
For hundreds of years, individuals known as alchemists searched in vain for the mythical Philosopher’s Stone, a substance that was imagined to have the properties essential for turning basic medals into gold or generating the elixir of immortal life. Today’s equivalent search is for that one leadership style capable of turning crisis into survival and…
Read MoreInnovation is not Cancelled
Despite economic challenges, hundreds of thousands of startups are launching across the country. The number of business applications filed in the United States in the week ended Aug. 29 exceeded 101,600, up 62% over the prior-year period, according to US Census Bureau data. Drexel Food Lab, a product development and culinary innovation center at Philadelphia-based…
Read MoreDo these 4 things to Improve Employee Retention During the Pandemic?
The uncertainty about when the economy and life will get “back to normal” weighs heavily on everyone. When might “normal” happen? One US public health expert expects it will take until fall 2021 — after the majority of the population is vaccinated and protected — for life to return to pre-COVID normalcy. A Fall 2019…
Read MorePollo Campero Seeks its Piece of the Chicken Empire
Sam Wong remembers hearing about the chicken concept Pollo Campero nearly 20 years ago. He was told that customers were waiting hours just to get into the restaurant. At first, Wong wasn’t buying the hype. So he drove 65 miles to Los Angeles to get a firsthand impression. As it turns out, the hyperbole was…
Read MoreMelting Pot is Working on a Hybrid Concept
The Melting Pot fondue chain has begun the development of a new concept it describes as “flex-casual,” making it the latest full-service chain to try a blend of fast-casual and full-service elements. Called Melting Pot Social, the new venture will feature menu and service options that go beyond the typical offerings of a Melting Pot.…
Read MoreThe Pappas family is Evaluating if they Want to Buy Luby’s Inc
Luby’s board votes to liquidate, dissolve 73-year-old Texas institution, Fuddruckers. The Texas restaurateurs behind Pappadeaux Seafood Kitchen and Pappasito’s Cantina could swoop in and save Luby’s, which earlier this month announced it would liquidate and dissolve the company. Christopher and Harris James Pappas entered a confidentiality agreement with Luby’s on Sept. 11 to obtain the…
Read MoreGolden Gate Capital to sell Red Lobster Seafood Co. to group led by Thai Union
A group of minority shareholders and current management of Red Lobster Seafood Co. is acquiring the casual-dining chain from Golden Gate Capital, the new controlling consortium said. The new owners are seafood supplier Thai Union PCL, which has been a Red Lobster shareholder since 2016 and trades on the Stock Exchange of Thailand under the…
Read MoreTropical Smoothie Cafe sold to Levine Leichtman Capital Partners
Levine Leichtman Capital Partners has agreed to purchase fast-casual chain Tropical Smoothie Cafe, the Los Angeles-based private equity firm said Tuesday. Management, led by CEO Charles Watson, will remain the same. “We are excited to partner with Charles and the rest of the management team who have led the tremendous growth of Tropical Smoothie Cafe.…
Read MoreFAT Brands completes acquisition of Johnny Rockets from Sun Capital Partners for $25 million
Global franchising company FAT Brands — global franchising company and owner of Fatburger, Hurricane Grill & Wings, and Ponderosa and Bonanza Steakhouses — has completed the acquisition of retro diner brand Johnny Rockets that was first announced in August. The acquisition, which was valued at $25 million, increasing the company’s securitization facility to $80 million.…
Read MoreThe private Equity Firm Partnered with Management on the Deal for the Fast-Growing Chain
Private equity firm Levine Leichtman on said it has partnered with management to acquire Atlanta-based Tropical Smoothie Café. Terms of the deal were not disclosed, but the acquisition gives the Los Angeles-based Levine one of the industry’s fastest-growing concepts. Tropical Smoothie has averaged 23% system sales growth over the past five years, including 22% in…
Read More
