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Restaurant Industry News
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Sunday June 11th, 2006 |
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Main Street and Main Inc. Signs a New Restaurant Development Agreement with Carlsons
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Main Street Will Open 16 New T.G.I. Friday's Restaurants in the Next 6 Years |
Main Street and Main Inc. (Nasdaq: MAIN), the world's largest franchisee of T.G.I. Friday's restaurants as well as the owner and operator of Bamboo Club Asian Bistros, Redfish Seafood Grill and Bars and Alice Cooper'stown restaurants, today announced that it has signed a new restaurant development agreement with Carlson Restaurants Worldwide, the owner and franchisor of the T.G.I. Friday's restaurant concept. The agreement requires the company to open 16 new Friday's restaurants by the end of 2009, with the first one starting in early 2005.
Bill Shrader, incoming CEO of Main Street and Main, stated, "In the last few years we have been unable to meet our original restaurant development schedule as required by our development agreements with Carlsons. We have entered into this agreement to reinforce our commitment to the Friday's brand, with a new restaurant development schedule which we believe meets our financial goals and one that we can sustain. We are very pleased to be back developing Friday's locations."
Michael Garnreiter, CFO, stated, "We are very happy with the economic performance of our Friday's brand and are very excited about the long-term contribution these new locations will make to the strength of our business. As a result of this new development agreement, we believe our cash flow from operations will be sufficient for the openings planned though early 2005. However, we will likely need to raise additional equity capital or debt to complete our development plans beginning in 2005."
On a related note, the company is pleased to also announce that they have retained the services and expertise of Dallas-based The Staubach Co. Staubach's Restaurant and Entertainment Group will provide real estate consulting services for future location strategies, specific site selection and lease negotiation. Shrader said, "Since our future development will include markets where Staubach is very familiar, such as Southern California and other national markets for Bamboo clubs, The Staubach Co. brings great knowledge and resources to our team at a time when strategic real estate thinking is critical for us as we proceed with our new restaurant development plans. The Staubach organization will make available to us its high level of experience and expertise in all key facets of the real estate selection process. Our partnership with the Staubach organization has the goal of selecting appropriate and successful sites in our key development areas of the Southwest for the Friday's brand and on a national basis for our Bamboo Club brand."
Main Street and Main Inc. is the world's largest franchisee of T.G.I. Friday's restaurants, operating 54 T.G.I. Friday's, 12 Bamboo Club Asian Bistros, four Redfish and one Alice Cooper'stown restaurants.
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| Last: |
6.34 |
| Time: |
6/9/2006 3:40pm |
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24205 |
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