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The company’s stock price fell after same-store sales declined for the first time in years.
Claudia San Pedro will lead the company after it is sold to Inspire Brands.
The company’s North America same-store sales declined nearly 10% in the third quarter.
Dallas-based franchisee Sun Holdings will take control of the 169-unit chain.
Arc Group, owner of Dick’s Wings, has been working to buy the chain for months.
But the company doesn’t get the valuations that some of its competitors have received, says RB’s The Bottom Line.
Weak traffic, high costs and growing competition have taken their toll on chains.
The company, which also owns D’Angelo Grilled Sandwiches, said shifting consumer tastes means it needs fewer locations.
Despite a trend toward industry consolidation, CEO Ritch Allison says the company has enough growth on its own, says RB’s The Bottom Line.
PGHC Holdings closed 95 locations and has a sale agreement with Wynnchurch Capital.
Steve Ritchie and others would get paid if they lose their jobs following a sale, says RB’s The Bottom Line.
The fundraising round would reportedly give the company a $2.25 billion valuation.
These emerging chains are the growth vehicles to watch—the ones poised to be major industry players in the coming years.
Food trends and recipes to keep menus fresh
New restaurants and soon-to-open concepts worth monitoring
RB’s exclusive ranking of the highest-grossing independent restaurants
Peter Romeo highlights the moments restaurateurs miss at their own peril
Ideas from the field you may want to borrow