Several veterans of the dissolving Frisch’s Big Boy chain say they have acquired what remains of the 77-year-old family-dining brand and plan to grow it again.
In a statement to the media serving Frisch’s home market of Cincinnati, longtime Frisch’s “area coaches” Don Short and Cheryl White said they have acquired the stores that remain open and the rights to develop more. As coaches, the two apparently operate as regional supervisors, helping units of the chain to maximize sales and profits.
The communication did not reveal the purchase price, nor how many Frisch’s stores remain open. The chain has been shrinking as a landlord of more than 66 units, NNN Reit, evicts stores for nonpayment of rent. At least 20 stores are delinquent, with Frisch’s owing the real estate company about $4.5 million, according to court documents.
Local papers have been trying unsuccessfully to keep a running tally of how many Frisch’s restaurants remain in operation, with most counts indicating more than 10 have closed and at least another 10 could be booted off their lots.
Before NNN began its court action, Frisch’s had already shrunk to about 78 stores, from a high-water mark of 120 units at the time the business was purchased in 2015 for $175 million.
The brand was acquired by NRD Capital, a private equity firm established by former restaurant franchisees to amass a stable of mid-sized holdings. Its other investments have included the Ruby Tuesday casual-dining chain, which eventually filed for bankruptcy protection and was sold.
The statement from Short and White did not say how much their group agreed to pay for Frisch’s, or even if the brand was still owned by NRD. Nor did they reveal the number of stores they’ve acquired, or who else is a part of their buyout group.
“We are very grateful and extremely excited to have the opportunity to carry this beloved icon forward,” Short is quoted as saying in the buyers’ media release. “Like many other family dining restaurant brands which have struggled due to the devastating impact of Covid 19, coupled with unprecedented cost inflation pressures, some Frisch’s units are no longer viable. However, other units are well situated to move forward, and we plan to invest in those locations and add new units in the years ahead."
A number of family-dining chains have been closing stores as many of the segment’s greying brands strive to convince younger consumers that the restaurants offer more than nostalgia. Denny’s, for instance, has disclosed plans to close 150 stores by the end of 2025. Shari’s, once a regional power, has largely faded away within its Pacific Northwest stronghold.
Frisch’s is one of the wheezing segment’s oldest players. The operation was originally founded in 1939, beginning life as a Frisch’s Restaurant. In 1947, brand namesake David Frisch opted to join the Big Boy chain, which allowed franchisees to keep the name of their prior operation on restaurants that switched to a Big Boy design and format.
The company also became a Golden Corral franchisee. An NRD Capital affiliate had tried to acquire the franchised buffet operations when the Frisch’s chain was acquired, but Golden Corral blocked the deal and bought back the stores.
NNN, formerly known as National Retail Properties, was started by Golden Corral as a holding company for that chain’s real estate.
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