What is Corner Bakery doing to right its ship?
This week’s episode of the Restaurant Business podcast A Deeper Dive features Chris Dharod, the CEO of Corner Bakery.
Dharod is with SSCP Management, a franchisee of Applebee’s and Sonic and owner of Cici’s Pizza and Roy’s. The company bought Corner Bakery out of bankruptcy last year.
We had him on the podcast to talk about Corner Bakery and chat about the way in which the acquisition was made.
SSCP acquired the brand by buying the debt on the secondary market and then using that to take over the company out of bankruptcy, a process some folks call loan to own. Dharod talks about that process, its risks and what SSCP looks for in its investments, as well as how it turns them around, which it has done with Cici’s.
Corner Bakery is a particularly difficult process. The brand was owned by the same owner as Boston Market and was having many of the same problems. It didn’t pay many of its bills and was burdened by lawsuits and serious issues.
We talk about what the brand is doing to fix all that, what kind of people it brought in and what kind of sales the brand is generating now.
We’re talking Corner Bakery on A Deeper Dive so please check it out.
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