Chain Beverage Buzz: April 18, 2011
P.F. Chang’s China Bistro is expanding to Canadian provinces of Ontario, Manitoba, New Brunswick, Newfoundland, Nova Scotia, Prince Edward Island and Quebec. P.F. Chang’s already has international locations in Mexico and the Middle East.
Chief executive of Landry’s Restaurants Inc., Tilman J. Fertitta made an all-cash offer for 100% ownership of McCormick & Schmick’s Seafood Restaurants. In the past few years, Landry’s has purchased BubbaGump Shrimp Co., OceanaireSeafood Room and Claim Jumper restaurants. Fertitta already has a 10.1% ownership of the company.
With the tough economic times, the restaurant industry is on its way to recovery but has a long way to go before it gets to pre-recession levels. According to the NPD Group, further gains depend on adding new menu items, redesigning outdated units and moving away from discounting items instead of focusing on perceived value.
The U.S. Bankruptcy Court for the District of Delaware approved the sale of 20 Charlie Brown’s Steakhouse restaurants to Praesidian Capital Opportunity Fund, a New York-based private equity firm. Praesidian will provide oversight while current management will continue working the day-to-day business operations. Praesidian plans to introduce new marketing programs and modernize the restaurants, with hopes of expanding to the Northeast and Midwest in the future. CB Holding Corp., Charlie Brown’s parent company, filed for bankruptcy in November of 2010, selling off 12 Bugaboo Creek Steak House and seven The Office Beer Bar and Grill restaurants.