Weekly Food Industry Report: The Week of November 18, 2013
Every week, we take a look into some of the biggest financial news to emerge from the world of food. Here is this week’s:
Smashburger: The company’s CEO Dave Prokupek has stepped down and has been replaced by the fast-casual restaurant chain’s president Scott Crane. Prokupek has served in a leading position within the company since its founding in 2007, when he was initially chairman and then named chief executive in 2010.
Co-founders and former chief executives of California Pizza Kitchen, Larry Flax and Rick Rosenfield, are developing a new fast-casual pizza concept scheduled to debut in Southern California in 2014. The name of the pizza concept is unknown.
Bruegger’s Bagels: Miguel Fernandez has been named Bruegger’s Bagels chief operating officer, according to parent company Le Duff America Inc. Fernandez’ most recent position was executive vide president and chief operating officer for Apple-Metro Inc.
TGI Fridays: Carlson, parent company of the TGI Fridays fast-casual restaurant brand, said it’s reviewing strategic alternatives and considering a possible sale of the restaurant brand.
Ruby Tuesday Inc: The company, which has struggled with declining same-store sales and profits, is cutting 50 corporate jobs and has hired a consultant to reduce other costs. Those 50 positions that were cut were at Ruby Tuesday’s Restaurant Support Center in Maryville, Tenn., where the company is based. Ruby Tuesday says this is the first step in restructuring and reviewing its cost structure.
CKE Inc.: And affiliate of Roark Capital Group agreed to obtain a majority stake in Carl’s Jr. and Hardee’s parent CKE Inc., while members of the fast-casual chains’ senior management will retain a minority interest. The terms and conditions have not been disclosed and the deal is not expected to close until the fourth quarter.
We’re always on the lookout for new financial news, so let us know!