Boston Market was established in the 1985 by Steven Kolow and Arthur Cores in Newton, Massachusetts, and is a chain of restaurants that offers an easier alternative to cooking at home for the family as it offers delicious and fresh, home-style cooked meals. It was previously known as Boston Chicken ahead of the founders, who had by then partnered with George Nadaff, took it public and renamed Boston Market hours in 1995. The company has its headquarters in Golden, Colorado with George Michel as the CEO.
The growing success from the franchise fascinated many investors who had been constantly unapproved through the founders. George Nadaff finally was able to convince his business partner to expand their store resulting in a quick expansion developing a chain of successful franchises that increased their revenues. The stores were so successful which they even passed the anticipated income projections, doubling in just 1 month, and from over $8 million in 1990 to almost $21 million in 1991.
The company’s chain of stores continued to grow rapidly having a total of 530 company owned restaurants in 28 different states in 2007. Becoming a home-style oriented restaurant, Boston Market introduced frozen menu items in every franchise for sale in supermarkets all over the US. Additionally, there are side dishes obtainable in over 700 supermarkets with all the Boston Market name brand.
Rapid growth of the franchise stores led to the company’s financial mishap. The major contributors inside the franchise were mostly management oriented with poor employee training, high operating expenses and its lending consumer demand. This made the market share fall by approximately $24 per share in 1997. Slow service inside the restaurants also made sales decrease since it was will no longer a preference of the customers. The company began suffering huge losses as much as $312.6 million within the very first 90 days of 1998 and reaching $437.1 million by July.
The almost defunct Boston Market company was purchased by McDonald’s for $173 million and it also began to slowly rebuild and expand the franchise instead of the initial plan of replacing it with its other food market brands. Its purchase by McDonald’s gave it a brand new lease of life and typically the chain of restaurants appears to be returning on its feet, but alternatively it can experience rapid growth as before is still yet to be noticed.
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