Boston Market started within the 1985 by Steven Kolow and Arthur Cores in Newton, Massachusetts, and is a chain of restaurants that offers a simpler alternative to cooking at home for the family as it offers delicious and fresh, home-style cooked meals. It was previously called Boston Chicken ahead of the founders, who had by then partnered with George Nadaff, took it public and renamed Boston Market menu prices in 1995. The organization has its headquarters in Golden, Colorado with George Michel as the CEO.
The growing success of the franchise fascinated many investors who have been constantly unapproved through the founders. George Nadaff finally was able to convince his business partner to expand their store leading to a quick 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 just 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 using 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 around the US. In addition there are side dishes available in over 700 supermarkets with all the Boston Market name brand.
The fast expansion of the franchise stores resulted in the company’s financial mishap. The key 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 be part of 1997. Slow service in the restaurants also made sales decrease because it was no longer a preference of the customers. The organization began suffering huge losses of up to $312.6 million in just 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 plus it begun to slowly rebuild and expand the franchise rather than the initial plan of replacing it featuring its other food market brands. Its purchase by McDonald’s gave it a brand new lease of life and typically the chain of restaurants is apparently returning on its feet, but rather it can experience rapid growth as before is still yet to be seen.
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