Big News
Ruby Tuesday considers sale - sales and stock price declines - SHOCKER!!!!
Ruby Tuesday Inc. said on Monday that it is exploring strategic alternatives - including a potential sale of the company - as it looks for ways to recover from more than a decade of sales and stock price declines.
The Maryville, Tenn.-based bar-and-grill chain has retained UBS as its financial advisor to assist in the process. The company said it would explore all options, including options other than a sale.
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Big News Too
Popeyes sells to RBI for 21x-trailing EBITDA, the highest multiple ever paid for a public restaurant company
Restaurant Brands International Inc. on Tuesday said it has agreed to buy Popeyes Louisiana Kitchen Inc. for $79 per share, or $1.8 billion. The deal gives the Oakville, Ontario-based RBI a third brand to go along with Burger King and Tim Hortons. It also gives the company a brand with significant growth potential in its home market.
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Wingstop Announces Appointment of Madison Jobe as New Chief Development Officer.
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Food and Beverage Industry Veteran James J. Greco Joins True Drinks Board of Directors.
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 DineEquity, Inc. Announces John Cywinski As President Of Applebee's.
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Pei Wei names John Hedrick CEO.
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Cicis Appoints Jini Foust Chief Operating Officer.
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The Brass Tap and Beef 'O' Brady's Announces New Chief Development Officer.
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Wingstop Inc. Reports Fiscal Fourth Quarter 2016 Financial Results.
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DineEquity, Inc. Reports Fourth Quarter and Fiscal 2016 Results.
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The Cheesecake Factory Reports Results for Fourth Quarter of Fiscal 2016%.
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Jack in the Box Inc. Reports First Quarter FY 2017 Earnings; Updates Guidance for FY 2017; Declares Quarterly Cash Dividend
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Cracker Barrel Reports Results for Second Quarter Fiscal 2017 and Reaffirms Earnings Guidance for Fiscal 2017.
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Texas Roadhouse stock plunges on sales fears. Stock down 12 percent amid disappointing same-store sales
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Viewpoint
Gender Diversity in the Boardroom
by Bob Gershberg, CEO/Managing Partner Wray Executive Search
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Bob Gershberg
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Despite increasing recognition for the value women bring to corporate boards, US companies continue a slow march toward gender diversity. While progress is being made, it is not at the pace needed to result in a significant expansion of board diversity in the near term, or to compete with public sector approaches being taken in other markets.
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Quotes
"Commitment is the enemy of resistance, for it is the serious promise to press on, to get up, no matter how many times you are knocked down."
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--David McNally
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Financials
Pressure Points: Focus on Labor
by John A. Gordon, principal and founder of Pacific Management Consulting Group
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John Gordon |
There are several large restaurant pressure points right now: That restaurants aren't getting their fair share of the pretty healthy economy and employment/spending base is one, too many restaurants is another and that labor market conditions are difficult is a third. Every restaurant chain is noting the multiple problems with labor conditions, such as difficulty in recruiting and retaining employees; increased market driven and minimum wage effect increases in some states, counties and cities; increased store management costs due to retention issues and some brand's reacting to the fall 2016 management overtime standards issue. While there have been a lot of problems noted, not a lot of common solutions have been posed by or identified by the industry to date.
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Executive Chat
Featuring Sheri Miksa, President & CEO, Mazzio's LLC
by Rebecca Patt, SVP Development, Wray Executive Search
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Rebecca Patt
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How did you get involved with Mazzio's?
I was recruited to join Mazzio's LLC as President and CEO at the beginning of 2014. What a great opportunity! I love that it is a well-known, regional heritage brand with a strong legacy and plenty of potential.
We started in 1961 as "Ken's Pizza Parlor", a single location opened by our founder, Ken Selby. Over time we evolved, and now we have our fast casual Mazzio's Italian Eatery and Mazzio's Pizza locations, both company-owned, and franchised, across 9 states, plus we own, operate and franchise a casual dining brand, called Oliveto Italian Bistro (with its own menu of distinctive food options, plus a great wine list/beer selection and a full bar). Having concepts in multiple segments (we also license Ken's Pizza), presents a compelling opportunity for growth and expansion.
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Financial Edge
Approaching $800 Billion in Revenues: The Restaurant Industry
by David Ulrich, EVP Wray Executive Search
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David Ulrich |
Surprisingly enough, the restaurant industry just posted its best revenue numbers ever in 2016 topping off at $783 billion. Additional figures show that the industry is quite robust going into 2017, and is poised to increase ever more in the coming years according to Toast: a Restaurant Management blog https://pos.toasttab.com/blog/restaurant-management-statistics
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Talent Matters
PXT SELECT™ - HIRING & DEVELOPING THE RIGHT PEOPLE JUST GOT EASIER
by Tom Rollert, Vice President of Culture Integration, Wray Executive Search
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Tom Rollert |
As reported in a previous article, Wray Executive Search has officially joined the PXT Select™ Authorized Partner Network and can now provide PXT Select™ assessment solution to your organization. The following information is provided to us from Wiley Publishing, the owner of the PXT Select brand. Because the information is applicable to organizations of all types and sizes, it's best to keep away from the temptation to parse it further.
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What's New?
Industry Trends for 2017
by Kevin Stockslager, Associate Vice President at Wray Executive Search
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Kevin Stockslager |
After a slightly improved January 2017, same-store sales (almost 4%) and traffic (5%) both declined during the month of February. As the restaurant industry looks forward to reversing the trends of negative sales and traffic, a few interesting things to watch for in 2017.
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