Viewpoint
Rolling into '07 with a wee bit of bravado
As we come into the home stretch of 2006, we can reflect with a smile. The restaurant economy remained healthy for the most part and surely expanded, in spite of a few bumps along the way. Private equity has not only found us but appears to have become enamored of our oft-eschewed industry, paying multiples unheard of in the recent past. With substantive capital continuing to pursue companies in the hospitality arena, we expect this trend to continue well into 2007, with the welcome addition of a few strategic purchases as well.
The BIG News
Industry Giants: Monthly Comps Reports Are History
Several restaurant operators, frustrated by what they call an inordinate amount of attention to same-store sales results, are ending the practice of reporting the metric on a monthly basis.
Executive Movements
DUBLIN, Ohio—WENDY'S INTER-NATIONAL INC. As anticipated, awarded the titles of chief executive and president to interim CEO KERRII ANDERSON, its former chief financial officer. She replaced JACK SCHUESSLER after he resigned as CEO last spring.
ATLANTA—FOCUS BRANDS here, the ROARK CAPITAL GROUP-owned franchisor or operator of 1,400 U.S. and international Carvel, Cinnabon and Seattle's Best Coffee units, elevated marketing services vice president GARY BALES to president of its Carvel unit, and promoted growth and development vice president GEOFF HILL to president of its Cinnabon brand.
FYI
Darden Opens New Restaurant
Roark Capital Group Acquires Schlotzsky's, Ltd.
Sbarro Airs Purchase Price