Miami Subs Grill

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Miami Subs Grill
Type Private
Industry Restaurant
Founded 1988
Headquarters Fort Lauderdale, Florida
Employees 600
Website http://www.miamisubs.com/

Miami Subs Grill is a privately held restaurant chain, based in the U. S. state of Florida. The chain has over 70 stores, the majority of which are in Florida, South Carolina and North Carolina.[1] The company's menu consists of such items as wings, submarine sandwiches, and pizza along with items from Arthur Treacher's and Nathan's Famous hot dogs, all of which operate co-branding agreements with Miami Subs, and which were corporate siblings of Miami Subs from 1999–2007.

History[edit]

Founding[edit]

The founder of the company, Gus Boulis, had helped build the Mr. Submarine concept in Canada, now known as Mr. Sub restaurant chain from a single location to over 200 locations, after which he retired to Florida. In 1980, he opened another restaurant in Key West called Mr. Submarine, which later expanded into Miami Subs Grill, offering a greater variety of food, all cooked to order.

Expansion[edit]

Miami Subs Grill built this concept and expanded rapidly in the 90's,[2] starting in Florida and spreading quickly nationwide, with new restaurant locations, as well as stores in less typical locations, such as schools, highway rest areas (particularly along Florida's Turnpike) and airports.[3] The restaurants featured a distinctive exterior design with South Beach-inspired pastels trimmed with pink and blue neon lights and interiors decorated in a tropical motif.

Co-branding agreement[edit]

A 1998 agreement added Arthur Treacher's fish and chips to the Miami Subs Grill concept.[4] A planned merger between the two companies failed, however, when Arthur Treacher's stock value dropped precipitously.[5]

Purchase and sale[edit]

In 1999, Nathan's Famous purchased the chain for $14.4 million, bringing the Miami Subs Grill and Arthur Treacher's brands under a common corporate umbrella. The chain had approximately 175 outlets at acquisition. However, the chain struggled, due in part to instability in the management ranks, and in 2007, Nathan's Famous announced the sale of Miami Subs to a private investment group, Miami Subs Capital Partner 1 Inc, for $3.3 million.[6] At the time of the sale, the chain operated in 59 locations, but several new locations have opened, including one in Turkey, where 40 restaurants are planned.[7] Another location is under construction in Romania, where 20 restaurants are planned.[7]

On July 24, 2012, Miami Subs announced that an equity stake in the chain was purchased by Armando Cristian Pérez, known by his stage name, Pitbull.[8]

In February 2013, Miami Subs announced an agreement to develop new stores in the Middle East GCC countries: Saudi Arabia, Kuwait, United Arab Emirates, Oman, Qatar and Bahrain[9]

References[edit]

  1. ^ "Miami Subs Corporation: Company Profile". Hoover's. Retrieved September 3, 2009. 
  2. ^ Prewitt, Milford (February 10, 1992). "Miami Subs explodes into growth mode". Nation's Restaurant News. Retrieved September 3, 2009. 
  3. ^ "Miami Subs expands non-traditional development" (Press release). February 26, 1007. Retrieved September 3, 2009. 
  4. ^ "Arthur Treacher's Inc. Makes Announcement" (Press release). February 17, 1999. Retrieved September 3, 2009. 
  5. ^ Allen, Robin Lee (August 17, 1998). "Miami Subs elevates Perlyn to chain's top post". Nation's Restaurant News. Retrieved September 3, 2009. 
  6. ^ "Nathan's sells Miami Subs for $3.3M". Nation's Restaurant News. June 8, 2007. Retrieved September 3, 2008. [dead link]
  7. ^ a b "Former Papa John’s president joins Miami Subs". Business First Louisville. June 10, 2009. Retrieved September 3, 2009. 
  8. ^ http://www.miamiherald.com/2012/07/24/2910671/pitbull-takes-ownership-in-the.html
  9. ^ http://miamisubs.com/wp-content/uploads/2012/06/MiamiSubs_MiddleEastExpansion02142013.pdf

External links[edit]