Boston Market was established within 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 https://www.bostonmarket.com/menu/ in 1995. The business has its headquarters in Golden, Colorado with George Michel as the CEO.
The growing success of the franchise fascinated many investors who were constantly rejected by the founders. George Nadaff finally managed to convince his business partner to expand their store ultimately causing a simple expansion creating a chain of successful franchises that increased their revenues. The stores were so successful that 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. Being a home-style oriented restaurant, Boston Market introduced frozen menu items in every franchise for sale in supermarkets throughout the US. In addition there are side dishes offered in over 700 supermarkets with all the Boston Market brand name.
The fast growth of the franchise stores triggered the company’s financial mishap. The key contributors in the franchise were mostly management oriented with poor employee training, high operating expenses and its lending consumer demand. This made the current market share fall by approximately $24 per share in 1997. Slow service within the restaurants also made sales drop since it was no more a preference in the customers. The business began suffering huge losses of up to $312.6 million within the initial 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 and it also begun to slowly rebuild and expand the franchise instead of the initial plan of replacing it using its other food market brands. Its purchase by McDonald’s gave it a brand new lease of life and currently the chain of restaurants appears to be returning on its feet, but rather it should be able to experience rapid growth as before continues to be yet to be seen.
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