Boston Market was established within the 1985 by Steven Kolow and Arthur Cores in Newton, Massachusetts, and is a chain of restaurants that provides an easier alternative to cooking at home for the family as it offers delicious and fresh, home-style cooked meals. It was previously referred to as Boston Chicken ahead of the founders, who had by then partnered with George Nadaff, took it public and renamed Boston Market menu 2019 in 1995. The business has its headquarters in Golden, Colorado with George Michel as the CEO.
The growing success from the franchise fascinated many investors who were constantly unapproved through the founders. George Nadaff finally were able to convince his business partner to grow their store leading to a fast expansion creating a chain of successful franchises that increased their revenues. The shops were so successful which they even passed the anticipated income projections, doubling in only one month, and from over $8 million in 1990 to just about $21 million in 1991.
The company’s chain of stores continued to develop rapidly having a total of 530 company owned restaurants in 28 different states in 2007. Being a home-style oriented restaurant, Boston Market introduced frozen menu items in every franchise accessible in supermarkets all around the US. Additionally, there are side dishes available in over 700 supermarkets using the Boston Market name brand.
The fast growth of the franchise stores triggered 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 marketplace share fall by approximately $24 per share in 1997. Slow service within the restaurants also made sales go down as it was no longer a preference in the customers. The business began suffering huge losses as high as $312.6 million in just the first 3 months of 1998 and reaching $437.1 million by July.
The almost defunct Boston Market company was purchased by McDonald’s for $173 million plus it started 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 new lease of life and typically the chain of restaurants seems to be returning on its feet, but rather it can experience rapid growth as before remains yet to be noticed.
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