en Papa Murphy’s Hopes to Pay Debt by Refranchising Company Stores <!-- google_ad_section_start --><p>While Papa Murphy&#39;s franchises and company-owned stores are deflating in same-store sales but Papa Murphy&#39;s Holdings&nbsp;Inc. (NASDAQ:FRSH) needs money. The franchisor announced Tuesday that it plans to sell its company-owned stores to franchise buyers by expanding its use of Franchise Performance Group.</p> <p><img alt="" src="" style="float: right; height: 321px; width: 320px; margin-left: 5px; margin-right: 5px;" />In Papa Murphy&#39;s last quarter, its third quarter that ended last November, its 1,575 stores dropped in same-restaurant sales by an <a href="">alarming -5.6 percent for franchises</a> and -7.7 percent for its 127 company-owned restaurants. Although the number of restaurants in its system was growing at a robust clip, the franchisor&#39;s systemwide sales actually shrank from $203 million during the same quarter in 2015 to $199 million in 2016. That resulted in a quarterly net loss of $421 million for the franchising firm.</p> <p>On the sixth of this month, the company announced that its chief executive officer left the company and that its chairwoman, Jean Birch, would act as interim CEO.</p> <p>Papa Murphy&#39;s stores have sagged when competitors have surged. That is despite a trend in which <a href="">consumers are buying more ready-made menu items to heat up at home</a>. In contrast, competitor Domino&#39;s 5,2373 stores in the U.S. had an extra-large sized 13 percent growth in same-restaurant sales for its reported third quarter that finished before October. Competitor Papa John&#39;s 3,411 North American restaurants grew by 5.5 percent in same-restaurant sales during the quarter.</p> <p>According to restaurant analyst Mark Kalinowski of Nomura Securities, Domino&#39;s is expected to report U.S. same-restaurant sales for 2016 that is above his forecast of 9.4 percent.</p> <p>That is a tough competitive market. Pressed for cash in servicing its debt load, Papa Murphy&#39;s sees a way out.&nbsp;It wants more revenue from others&#39; stores and less risk from operating its own hard hit stores. It wants to use franchisees&#39; capital to push the envelope in &quot;underserved&quot; markets. And it knows who it likes when it comes to providing its franchise development team with sales leads of potential franchise buyers.</p> <p>Nashville-based Franchise Performance Group helps provide names of franchise buyers to franchisors.</p> <p>The other bit of good news is that the franchising company has been able to ever so slightly reduce its long-term debt from $108 million to $107 million.</p> <p><img alt="" src="" style="float: right; height: 320px; width: 320px; margin-left: 5px; margin-right: 5px;" />Jean Birch, chair of Papa Murphy&#39;s board of directors and interim chief executive officer, said: &quot;We are confident that Franchise Performance Group is the right partner to help us realize these efforts.&quot; Birch explains that its long-term strategy is to deliver attractive returns through an asset-light model in which franchisees use their money to invest in stores rather than the franchisor. Birch says that store performance increases when there are more stores in a market for &quot;higher brand awareness&quot; by the area&#39;s consumers.</p> <p>&quot;Refranchising these locations will generate significant cash flow [to Papa Murphy&#39;s Holdings, Inc.], which we will use to reduce [high debt] leverage,&quot; says Birch. &quot;As we sell company stores, we retain the royalty annuity that [stock] investors find so attractive in a franchised system [investment]. This, combined with our previously announced, first-ever national television campaign, a renewed focus on product innovation, and tight control on SG&amp;A management, positions us well to return the company to profitable growth,&quot; Birch concluded.</p> <!-- google_ad_section_end --> Foodservice Wed, 18 Jan 2017 19:12:44 +0000 Don Sniegowski 15703 at Puzder Confirmation as Labor Secretary Pushed Back after Worker Protests Ignite <!-- google_ad_section_start --><p><img alt="" src="" style="float: right; height: 298px; width: 320px; margin-left: 5px; margin-right: 5px;" width="320" height="298" />Fight for $15, organized under the Service Employees International Union, is fighting hard against Andrew Puzder, CEO of fast food chain CKE Restaurants, hoping to derail his Senate confirmation as U.S. Labor Secretary.</p> <!--break--><!--break--><p>For now, it seems to be working.</p> <p>Reuters reported last week that the Senate leadership has now pushed back Puzder&#39;s confirmation hearing to February from a tentative date of January 17, 2017. &quot;For years, Puzder said Obama administration policies have saddled industry with higher costs and contributed to a government-mandated restaurant recession,&quot; Reuters added.</p> <p>Fight for $15 organized marches and rallies at Puzder&#39;s Carl&#39;s Jr.s and Hardee&#39;s restaurants and corporate offices, as well as at U.S. Department of Labor branches in two dozen cities last Thursday, protesting against Donald Trump&#39;s pick for Secretary of Labor. &quot;Puzder&#39;s confirmation battle follows an election defined by workers&#39; frustration with a rigged economy that benefits the few at the top, and after a banner year in Fight for $15.&quot;</p> <p>And the union organization has the figures to prove its success in raising minimum wage and pushing for union rights. &quot;Nineteen states raised pay for 4.3 million working people at the end of 2016, including in four states where voters approved minimum wage ballot initiatives on Election Day 2016. In those four states, &quot;yes&quot; votes exceeded the vote totals for either of the major parties&#39; presidential candidates &ndash; striking proof of the broad public support for raising wages across party lines and in different regions of the country. The <a href="">New Yorker</a> recently hailed its successes as one of the five biggest business stories of 2016,&quot; the press release stated.</p> <p>Fight for $15 states that CKE&#39;s latest financial disclosures reveals that Puzder has made between $4.4 million and $10 million in recent years, which means he makes more in one day than he pays his minimum wage workers in any given year. &quot;Despite this, he has been an outspoken opponent of minimum wage hikes that would allow his workers to meet their basic needs,&quot; the organization reported. Researchers at the University of California at Berkeley found in 2013 that fast-food CEOs like Puzder cost taxpayers <a href="">$7.3 billion</a> per year in public assistance by holding down pay for their employees.</p> <p>&quot;As labor secretary, Puzder would be charged with upholding many of the labor laws and regulations CKE routinely violated during his time as CEO,&quot; Fight for $15 declared. It said that in <a href="">60 percent</a> of Department of Labor investigations since 2009, CKE restaurants and franchises were found to have violated wage and hour laws. Since Puzder became CEO of CKE in 2000, the Occupational Safety and Health Administration (OSHA), which falls under the DOL,&nbsp;has found <a href="">98 safety violations</a> at Carl&#39;s Jr. and Hardee&#39;s locations, with 36 of them capable of causing death or grave physical harm.</p> <p>Reuters also reported that Senate Democrats including Elizabeth Warren of Massachusetts held a hearing on Tuesday after Republican rivals rebuffed their request to bring witnesses to Puzder&#39;s upcoming confirmation hearing. The report stated, &quot;The protestor-packed event included testimony from Laura McDonald, 51, who was a general manager at a CKE-owned Carl&#39;s Jr restaurant in California from 1988 until 2012. She has joined two potential California class-action wage and hour lawsuits against CKE, which during her tenure switched general managers from salaried to hourly workers. In 2004, CKE paid $9 million to settle California lawsuits claiming unpaid overtime for general managers.&quot;</p> <p>McDonald explained, &quot;When CKE made general managers into hourly employees, it set our wages so low that we had to work 47 &frac12; hours a week just to earn the same money we&#39;ve been being paid as a salary.&quot;</p> <p>Puzder does have a prominent supporter pushing for his confirmation. The 56-year-old International Franchise Association feels strongly that the CKE chief executive officer should be confirmed, previously stating that he would be an &quot;exceptional&quot; choice to lead the Labor Department. In regard to last week&#39;s protests, Matt Haller, IFA&#39;s senior vice president of public affairs, stated, &quot;These protests distract from the real issues at hand for our nation&#39;s leaders&mdash;how to create economic growth at all levels, which is the only real solution to income inequality in America.&quot;</p> <p>But one Carl&#39;s Jr. worker in Austin, Texas, making $9.50 an hour, who participated in last week&#39;s rallies disagrees. &quot;If our elected leaders really want to make America great, they should confirm a labor secretary who looks out for working people like us, not someone like Andy Puzder who has made millions by stealing our wages and who wants to replace American workers with machines.&quot; In an interview with Fortune, Puzder was quoted saying he intends to take humans out of the fast food equation. To that he stated recently, &quot;I never mentioned robots. We could never take out all the front-line employees.&quot;</p> <p>Jessenia Adame, the $9.50 an hour employee is not convinced. She strongly stated her position at last week&#39;s rally: &quot;I&#39;m no robot, and make no mistake. I do need a bathroom break and I will sue if I&#39;m sexually harassed on the job.&quot;</p> <hr /> <p><strong>Related Articles: </strong></p> <ul> <li><a href="" target="_blank">Trump Chooses CKE&#39;s Andy Puzder as Labor Secretary</a><strong> </strong></li> <li><a href="" target="_blank">Fast-food Workers Protest Trump&#39;s Labor Secretary Nominee</a> (Reuters)<strong> </strong></li> <li><a href="" target="_blank">Labor Secretary Confirmation Hearing Pushed Back</a><strong> </strong>(New York Daily News)</li> </ul> <!-- google_ad_section_end --> Politics Carl Jr.'s CEO Andrew Puzder CKE Restaurants Elizabeth Warren Hardee's minimum wage OSHA SEIU Fight for $15 Senate Confirmation Hearing Mon, 16 Jan 2017 23:51:41 +0000 Janet Sparks 15700 at Wingstop Launches Voice-Activated Ordering <!-- google_ad_section_start --><div class="photoright"><img alt="Amazon&#039;s Echo device enables interaction with voice-activated Alexa" src="" style="height: 320px; width: 320px;" width="320" height="320" /> <div class="caption">Photo of Amazon&#39;s Echo device courtesy of Amazon</div> </div> <p>Wingstop, Inc. [NASDAQ:WING] announced Tuesday that it is offering a voice-activated ordering system through Amazon Alexa. </p> <!--break--><!--break--><p> Customers just need to speak a command into cloud-based voice service Alexa to order, pay and be provided with estimated pick-up times.</p> <p>Commands such as, &quot;Alexa, ask Wingstop to order an 8 piece classic wing combo with lemon pepper, fries and ranch,&quot; launch the order process. The order is placed through a voice dialog with Alexa through enabled hardware such as the Amazon Echo or a smaller Dot device.</p> <p>Domino&#39;s offers customers the ability to order pizza through Alexa as well. But Wingstop is also one of the earliest adopters of Alexa&#39;s technology.</p> <p>Rob Pulciani, director of Amazon Alexa said, &quot;We&#39;re thrilled to be working with Wingstop to launch the first full-menu voice-activated ordering functionality, allowing customers to avoid the line by ordering through Alexa.&quot;</p> <p>The chain of more than 900 chicken wing restaurants worldwide has also pushed digital technology by making ordering menu items possible through Facebook Messenger, Twitter and on their web page.</p> <p>&quot;We are proud to be working with Amazon to enable Alexa ordering of Wingstop combos, as well as re-orders and favorite orders, plus the ability to customize flavors, dips and sides &ndash; making ordering your favorite wings easier and more fun than ever before,&quot; stated Stacy Peterson, CIO of Wingstop.</p> <!-- google_ad_section_end --> Marketing Thu, 12 Jan 2017 16:16:05 +0000 Don Sniegowski 15696 at Rave Restaurant Group Appoints Smashburger’s Scott Crane as Its CEO <!-- google_ad_section_start --><p><img alt="" src="" style="float: right; height: 320px; width: 320px; margin-left: 5px; margin-right: 5px;" width="320" height="320" /> Rave Restaurant Group [NASDAQ: RAVE] announced Monday, January 9 that Scott Crane, who departed Smashburger in April as its CEO, has joined Rave as its new chief executive officer, effective immediately. </p> <!--break--><!--break--><p> Crane replaces interim CEO Clinton J. Coleman, who will continue as a member of Rave&#39;s board, where he has served since 2007.</p> <p>The now ex-interim CEO of RAVE tied in a recent raising of capital to a vote of confidence in his replacement. &quot;To support the company&#39;s continued growth under Scott&#39;s leadership, RAVE recently announced a $3 million capital raise by way of a registered rights offering, which is projected to be completed in February 2017,&quot; said Coleman.</p> <p>Crane most recently served as president and chief executive officer of fast casual franchisor Smashburger, a chain of some 330 company-owned and franchised restaurants. After Crane left Smashburger in April, the franchisor recently had a massive turnover in executives and a release of many staff positions, including Shane&#39;s replacement CEO Michael Nolan. Crane led Smashburger since its startup days in 2007. The company&#39;s press release says that annual sales at Smashburger, a privately-held company, were in excess of $350 million at the time of Crane&#39;s departure in 2016. Previously, Crane was at Fugate Enterprises, Inc., one of Pizza Hut&#39;s largest American franchisee, where Crane was responsible for the operation of 210 Pizza Hut units, in addition to Taco Bell, Wing Street, Sonic and Blockbuster Video locations.</p> <p>Chairman of RAVE Restaurant Group, Inc. Mark Schwarz stated his confidence in the board&#39;s decision to hire Crane as CEO. &quot;An entrepreneur at an early age, Scott&#39;s restaurant industry focus has led to a succession of managerial roles of progressively greater responsibility and achievement throughout his career, including most recently growing the Smashburger concept from scratch to a thriving, profitable business that led to its highly successful transaction with Jollibee Foods Corporation last year at an enterprise valuation of $335 million,&quot; said Schwartz. He added, &quot;I am confident his expertise and keen understanding of the fast-casual category will be a true asset to the continuing development of our company.&quot;</p> <!-- google_ad_section_end --> Leadership change Thu, 12 Jan 2017 15:03:42 +0000 Don Sniegowski 15695 at Dickey’s Franchisees Denied Consolidation of Claims into One Arbitration <!-- google_ad_section_start --><p>A California federal court last month denied Dickey&#39;s Barbecue franchisees&#39; motion for an order to consolidate their claims into a single arbitration, in a dispute alleging the franchisor made false and misleading representations in selling franchises.</p> <!--break--><!--break--><p>Previously, the court had determined that the California franchisees had to submit their claims in <em>Meadows v. Dickey&#39;s Barbecue Restaurants.,</em> <em>Inc.</em> to arbitration. But when they filed a group arbitration demand with the American Arbitration Association (AAA), they were informed they had to file individually, allowing the appointed arbitrator to determine if the claims could be consolidated after satisfying all initial filing requirements.</p> <p>The lawsuit, filed July 10, 2015 by lead franchisee Amy Meadows and other California franchisees, seeks to represent a class of owners and former owners of Dickey&#39;s Barbeque Pit restaurants in the state. All owners purchased their franchises after receiving the Dickey&#39;s Franchise Disclosure Document (FDD) and signing the franchise agreement. The complaint alleges fraud, violations of California&#39;s Franchise Investment Law, and violations of California&#39;s Unfair Competition Law.</p> <p>The franchisee plaintiffs claim that the FDD contained several misrepresentations relating the following: the cost of converting franchise locations; the use of alternate suppliers by franchisees; the extent to which they would be protected from encroachment by other franchises; the level of on-site support and training Dickey&#39;s would provide to franchisees; the accommodations for menu change requests; and the percentage of their sales they would owe to cover Dickey&#39;s royalty and marketing fund.</p> <p>Dickey&#39;s franchisees also allege that company employees made additional misrepresentations outside the FDD, including that it would be easy for franchisees to obtain bank financing, that they could expect to earn substantial revenue in their first year of operation, that no prior restaurant experience was necessary, and other false and misleading statements.</p> <p>In response to the court&#39;s decision that the arbitrator had to determine if claims could be consolidated, the franchisees sought a court order to consolidate their individual arbitrations, noting that California law permits consolidation into a single arbitration and that the AAA rules do not provide a mechanism for consolidation. However, the court denied their motion, holding that once the parties are obligated to submit a dispute to arbitration, procedural questions arising out of the dispute must be decided by the arbitrator. The court noted that California courts, the Ninth Circuit Court of Appeals and other federal appellate courts have reached the same conclusion.</p> <p>As a result, the court stated that each franchisee plaintiff must first individually file its claims with AAA. They may then subsequently request consolidation in accordance with AAA rules.</p> <hr /> <p><strong>Related Articles: </strong></p> <ul> <li><a href="">Order Granting Dickey&#39;s Defendant&#39;s Motion to Compel Arbitration</a> (Nov. 12, 2015)</li> <li><a href="">Two Dickey&#39;s Franchisee Cases Stayed Pending Arbitration</a></li> <li><a href="">Franchisees Commit Big with Dickey&#39;s for California</a></li> </ul> <!-- google_ad_section_end --> Legal judgment & dispute resolution Thu, 12 Jan 2017 00:11:34 +0000 Janet Sparks 15692 at 2017 Trends: Americans Embrace Customized Wellness, Eating at Home and Good Causes <!-- google_ad_section_start --><p><img alt="" src="" style="float: right; height: 214px; width: 320px; margin-left: 6px; margin-right: 6px;" width="320" height="214" />Americans will take a more personal approach to their health and wellness in 2017. </p> <!--break--><!--break--><p> For example, they are more apt to use wearable devices that track footsteps and apps that track calories in order to run on their own personal plans to meet their needs, rather than relying on health plans based on averages. Even though dieting is on the decline, &quot;my own diet&quot; is still rising as the most common way consumers take control of their intake, according to The NPD Group&#39;s findings from its continual tracking of consumer&nbsp;eating attitudes and behaviors.</p> <p>Consumer attitudes toward health today have evolved beyond diet, exercise, and the specific attributes &ndash; presence or absence&mdash;of food items,&quot; says Darren Seifer, NPD Group&#39;s food and beverage industry analyst. &quot;Now they&#39;re looking for personal plans that meet their own specific interests, and more importantly, their lifestyles.&quot;</p> <p>Exercise, for example, is not necessarily increasing as part of the new health and wellness lifestyle, nor are consumers typically losing weight, but from active wear worn to food&nbsp;consumed, consumers are embracing a lifestyle centered on wellness. They&#39;re wearing fitness trackers, athleisure apparel&nbsp;and athletic footwear. In many cases their&nbsp;interest in these items is as much looking the part of an active lifestyle as it is actually having one. From an eating behavior standpoint, this lifestyle is about eating &quot;wholesome&quot; food, such as fresh, organic, or non-GMO items. The traditional awareness&nbsp;and avoidance of food containing&nbsp;large amounts of&nbsp;fat or cholesterol is waning, although sugar is still a concern.</p> <p>In addition to health and wellness, Seifer points out other trends gathering steam:</p> <p><strong>Sweating the small stuff </strong></p> <p>It is the little things that are grabbing consumers&#39; attention these days. That means that for restaurateurs there can be small but influential ways to garner loyalty among consumers. American consumers are looking to support brands and companies that do more than just cook food or manufacture a product. They want to support causes and actions aligned with their values. People feel they are doing right when they support companies that are connected to locally sourced ingredients, donate to charities, sustain environmental practices, and safeguard&nbsp;animal welfare.</p> <p><strong>The future is now </strong></p> <p>Technology is quickly making its way into how consumers acquire food and beverages because it saves time. Although the use of technology is currently a minor behavior, NPD Group expects to see more people in the coming years use retailers&#39; websites or third-party sites like InstaCart to acquire food&nbsp;and beverages.</p> <p><strong>Home is where the meal is </strong></p> <p>Get this: Preparing meals at home is growing more common while also serving alongside&nbsp;those home dishes items which have&nbsp;been bought in restaurants. Those purchased components are more likely to be appetizers or side dishes, indicating consumers use these dishes as quick ways to round out or complete their meals. This is yet another sign that people want freshly prepared items in the home, but without having to spend a great deal of time in the kitchen. This is a true generational shift: younger consumers already consume fresh food&nbsp;at rates higher than older adults did when they were the same age. As these younger consumers age, NPD&#39;s forecast shows their demand for freshness in a hurry will only increase.</p> <!-- google_ad_section_end --> Foodservice restaurant restaurant trends Wed, 11 Jan 2017 18:07:42 +0000 Don Sniegowski 15691 at Smashburger’s Top Brass Turnover Revealed in Latest Amended Disclosure <!-- google_ad_section_start --><p><img alt="Smashburger" src="" style="width: 320px; height: 213px; float: right; margin-left: 5px; margin-right: 5px;" />After anonymous sources revealed that Smashburger had fired not only its chief executive officer but also many of its top management team, Blue MauMau has now obtained the company&#39;s amended Franchise Disclosure Document (FDD), effective December 29, 2016, on the California Department of Business Oversight website.</p> <!--break--><!--break--><p>The latest disclosure shows changes to Smashburger&#39;s &quot;Business Experience&quot; section, revealing how top executives continue to move in and out of positions, some with affiliate companies, signifying the chain&#39;s chaotic management style and lack of leadership in running the 365-restaurant chain. Sources tell Blue MauMau the disarray is driven by owner/co-founder Rick Schaden&#39;s greed, showing total disregard for employees and franchisees across the country.</p> <p>The amended FDD discloses that Michael J. Nolan, CEO and president since April 2016, is now out, being replaced in part by the company&#39;s co-founder Thomas Ryan, who also served as Smashburger&#39;s chief brand officer from May to November, 2016. Ryan took over the CEO position but not the presidency. He is also co-founder of Tom&#39;s Urban concept, and has served as its chief concept officer since October 2014. His credentials do not end there. Ryan also served as chief concept officer of Smashburger&#39;s affiliate Live Basil pizza chain, as well as for Consumer Capital Partners and Cervantes Holdings, all under the ownership of Rick Schaden, former owner and CEO of the troubled Quiznos sandwich chain.</p> <p>Greg Creighton, employed by Icon Burger, another affiliate of Smashburger, is now president of the hamburger chain, in addition to being chief operating officer, a position he has held since October 2012. Creighton also served as president from July 2011 to October 2012, and was chief operating officer from June 2010 to June 2011.</p> <p>Chief financial officer Dennis Smythe is also out, and Stacy Galligan has been named as Smashburger&#39;s interim CFO. According to one source who wishes to remain unnamed, Smythe &quot;left abruptly&quot; one week after CEO Nolan left the company. Smythe held the CFO position since 2013 and also served as CFO of Consumer Capital Partners from December 2014 to April 2016, a position he previously held for six months. And Smythe was the CFO of Consumer Capital Group for approximately two years. Prior to that, Smythe was CFO with the Quiznos sandwich chain (under QCE) in Denver, from October 2010 to March 2012. The amended FDD states that the newly appointed interim CFO Galligan served as Smashburger&#39;s vice president and controller from December 2013 to December 2016.</p> <p>Smashburger&#39;s current chief legal officer and secretary Courtney L. Seely has been also employed by the company&#39;s Icon Burger Acquisition (IBA)&nbsp;affiliate since July 2016. Prior to that she was general counsel to Smashburger and Consumer Capital Partners beginning in June 2013. Seely also served as general counsel to Tom&#39;s Urban and Live Basil. And she was employed by Quiznos (QCE) as the company&#39;s executive VP, general counsel and secretary from August 2010 to October 2012. All her positions have been in Denver, Colorado.</p> <p>John Johnson, senior vice president and chief technology officer, remains in his position which he began in July 2016. Gregg Koffler, senior vice president of franchise sales and administration since May 2016, and Dean DeNardi, senior VP of construction, design and facilities, since October 2016 were both employed by Icon Burger, and are no longer with Smashburger. Janice Branam became the franchisor&#39;s senior VP, operational excellence in December 2016 and was a VP of training, starting in January 2009.</p> <p>Several board of managers at Smashburger remain including Richard E. &quot;Rick&quot; Schaden who also has management responsibility for the Smashburger program and the Tom&#39;s Urban program through his role as an investor in some of Smashburger&#39;s affiliates. Schaden has also been the CEO of Consumer Capital Partners and its predecessors, The Cervantes Holding Company in Denver, Colorado since May 2006.</p> <p>One anonymous source stated that approximately 40 terminations have taken place in the last 30 days, which is almost half the corporate staff.</p> <hr /> <p><strong>Related articles</strong>:</p> <ul> <li><a href="">CEO Nolan Is Smashburger&#39;s Latest Casualty</a></li> <li><a href=""><strong>Smashburger CMO Josh Kern Resigns</strong></a></li> <li><a href=""><strong>Tom Ryan Named Chief Brand Officer at Smashburger</strong></a></li> <li><a href=""><strong>Smashburger Appoints Gregg Koffler as New Serior VP of Franchise Sales, Administration</strong></a></li> <li><a href=""><strong>As Smashburger CEO Crane Leaves, Long Live Chief Nolan</strong></a></li> <li><a href=""><strong>Smashburger appoints new CEO, Prokupek leaves</strong></a></li> <li><a href=""><strong>Smashburger CEO Scott Crane forges ahead with chain&#39;s growth</strong></a></li> <li><a href=""><strong>Avenue Capital sues Quiznos former ownership&nbsp;for fraud</strong></a></li> <li><a href="" target="_blank"><strong>What Quiznos Changes Mean for Smashburger</strong></a>&nbsp;| QSR Magazine</li> <li><a href="" target="_blank"><strong>New Quiznos owners Avenue Capital, Fortress Holdings sue old Quiznos&#39; owners Schaden and Consumer Capital Partners</strong></a></li> </ul> <!-- google_ad_section_end --><table id="attachments" class="sticky-enabled"> <thead><tr><th>Attachment</th><th>Size</th> </tr></thead> <tbody> <tr class="odd"><td><a href=" Financial_Statements (1).pdf">Smashburger Financial_Statements</a></td><td>474.24 KB</td> </tr> <tr class="even"><td><a href=" Franchise_Disclosure_Document (21).pdf">Smashburger Franchise Disclosure Document, Dec 2016</a></td><td>16.77 MB</td> </tr> </tbody> </table> Leadership change CEO Michael J Nolan CFO Dennis Smythe Dean DeNardi Gregg Koffler Icon Burger Acquisition LIve Basil Rick Schaden Tom's Urban Fri, 06 Jan 2017 23:31:17 +0000 Janet Sparks 15685 at Dickey’s Barbecue Reorganizes Company and Leadership <!-- google_ad_section_start --><div class="photoright"><img alt="" src="" style="height: 320px; width: 320px;" width="320" height="320" /> <div class="caption">Roland Dickey, Jr.</div> </div> <p>Dickey&#39;s Barbecue Pit this week announced a reorganization and a change in leadership. The three-generational family company that was founded in 1941 by Travis Dickey has formed a holding company, Dickey&#39;s Capital Group, Inc., which will be the parent company of all business entities under the Dickey&#39;s name.</p> <!--break--><!--break--><p>The franchisor of roughly 550 locations in 44 states also announced the appointment of Roland Dickey, Jr. as Dickey&#39;s Capital Group chief executive officer, where he will manage the firm&#39;s assets. Laura Rea Dickey has taken over as CEO of Dickey&#39;s Barbecue Restaurants Inc., a role that her husband Roland Dickey Jr. filled since 2006.</p> <p>Laura Rea Dickey has previously served as the company&#39;s chief information officer for eight years in which time proprietary big data and enterprise management systems were developed for Dickey&#39;s Barbecue.</p> <div class="photoleft"><img alt="Growth in Dickey&#039;s Barbecue Pit outlets from 2013 to 2015" src="" style="height: 252px; width: 250px;" width="250" height="252" /></div> <p>&quot;The growth Dickey&#39;s has seen over the past years is something that I am extremely proud to be a part of,&quot; said new CEO Laura Rea Dickey of Dickey&#39;s Barbecue Restaurants, Inc. Although the rate in which Dickey&#39;s franchises turnover or cease operations is on the high side, the franchisor has indeed grown quickly. According to the company&#39;s recent disclosure documents, the barbecue firm that began selling franchise licenses to entrepreneurs in 1994 has grown from 289 franchises to 537 in the last four years (see chart).</p> <p>&quot;With our amazing owner/operators and the DBRI team, the Dickey&#39;s brand has much more room for growth in the future,&quot; says Laura Rea Dickey.</p> <p>Renee Roozen has been promoted to be president of Dickey&#39;s Barbecue Restaurants, Inc. Roozen joined the company in 2015 as vice president of operations.</p> <!-- google_ad_section_end --> Leadership change Fri, 06 Jan 2017 17:36:18 +0000 Don Sniegowski 15684 at