Kona Grill

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Kona Grill Inc.
Company typePublic
Nasdaq: KONA
Founded1998; 26 years ago (1998)
HeadquartersScottsdale, Arizona
Number of locations
46[1] (2017)
Areas served
United States, Mexico, United Arab Emirates
Key people
Christi Hing (CEO)
RevenueDecrease US$ 37.4 million (September 30, 2018)[2]
US$-22m[3] (2016)
Total assetsUS$108m[3] (2016)
Websitekonagrill.com

Kona Grill, Inc. is an upscale casual restaurant company based in Scottsdale, Arizona serving American cuisine, sushi, and cocktails.[4] The company owns and operates around 40 restaurants[5] in 23 U.S. states, as well as three international locations operating under franchise agreements.[6]

History

Kona Grill first opened its doors on September 18, 1998 at the Scottsdale Fashion Square. The restaurant's predecessor was a sushi concept called Sushi on Shea that opened in Scottsdale in 1994. Restaurant founder, Michael McDermott, decided to create Kona Grill with more American-themed menu items. The new restaurant was made to have a modern ambiance. McDermott sold Sushi on Shea in 2002 to focus on expanding Kona Grill.[7]

Kona Grill went public on August 16, 2005 with an initial public offering of $11 per share on the NASDAQ. The company raised $28.8 million and grew its restaurant base to 9 locations by December 31, 2005.[8][9]

By 2014, Kona Grill had grown to 26 restaurants in 17 states. In 2014, it saw same-store sales growth in 14 out of its past 15 quarters with an increase of 6.2%, ranking the concept in the top quartile of the casual dining segment and marking it as one of the fastest growing restaurants that year.[10][11]

In August 2017, Kona opened its first international franchise location at Fashion Drive in Monterrey, Mexico. It opened a location at Al Seef in Dubai, UAE that November, and a location in Vaughan, Canada in December 2017.[12][13][14][15][16]

On March 4, 2019, Kona Grill Hired Piper Jaffray to seek a merger or the sale of Kona Grill[2]

On April 30, 2019, Kona Grill filed for Chapter 11 bankruptcy protection. Locations across the country including in Arizona, Texas, Hawaii, Puerto Rico and Virginia closed the spring of 2019.[17]

Corporate

On March 21, 2019, Shawn Hassel took a seat on the Board of Directors as Chair of the Company's Strategic Alternatives Committee.[18] On March 27, 2019, Kona Grill's Executive Chairman Berke Bakay resigned.[18] A federal bankruptcy court has approved the sale of 24 Kona Grill polished-causal restaurants for $20.3 million to Williston Holding, reported by Restaurant Business on July 26, 2019.

References

  1. ^ Walters, Gwen (12 June 2017). "Now open: Kona Grill adds restaurant, test kitchen to Scottsdale Quarter". Arizona Central. Retrieved 19 August 2017.
  2. ^ a b Ruggless, Ron (Mar 29, 2019). "Kona Grill CEO resigning as brand considers possible sale". Nation's Restaurant News. Retrieved March 29, 2019.
  3. ^ a b Kona Grill Inc Annual Report 2016 (PDF)
  4. ^ Goldstein, Robin S.; Herschkowitsch, Alexis (1 November 2007). "Fearless Critic Houston Restaurant Guide: Brutally Honest Undercover Chefs and Food Writers Rate More Than 400 Places to Eat". Fearless Critic Media. Retrieved 23 May 2018 – via Google Books.
  5. ^ Ruggless, Ron (Apr 9, 2019). "Kona Grill names Christi Hing as interim CEO". Nation's Restaurant News. Retrieved Apr 9, 2019.
  6. ^ "Kona Grill makes adjustments to increase sales". SanTan Sun News. June 17, 2017. Retrieved July 14, 2017.
  7. ^ "e10vk". www.wikinvest.com. Retrieved 23 May 2018.
  8. ^ https://www.bizjournals.com/kansascity/stories/2005/06/06/daily6.html
  9. ^ Gelsi, Steve. "Kona Grill prices IPO atop range". marketwatch.com. Retrieved 23 May 2018.
  10. ^ "SEC FILING - Kona Grill Inc Form S-3". services.corporate-ir.net. Retrieved 23 May 2018.
  11. ^ Friedman, Nickey. "Will Kona Grill Be the Fastest Growing Restaurant Chain of 2014?". fool.com. Retrieved 23 May 2018.
  12. ^ "New Kona Grill for Canada - Franchise Advice - Global Franchise". www.globalfranchisemagazine.com. Retrieved 23 May 2018.
  13. ^ Feder, Robert D. (23 May 2018). "Valuing Specific Assets in Divorce". Aspen Publishers Online. Retrieved 23 May 2018 – via Google Books.
  14. ^ "Llega Kona Grill a Monterrey". www.elfinanciero.com.mx. Retrieved 23 May 2018.
  15. ^ "Kona Grill". urbanologie.com. Retrieved 23 May 2018.
  16. ^ "10-Q: KONA GRILL INC". marketwatch.com. Retrieved 23 May 2018.
  17. ^ News is my Business. 2 May 2019 https://newsismybusiness.com/casual-dining-restaurant-chain-kona-grill-seeks-ch-11-bankruptcy-protection/. {{cite web}}: Missing or empty |title= (help)
  18. ^ a b "FORM 8-K". U.S. Securities and Exchange Commission. Mar 21, 2019. Retrieved March 29, 2019.

External links

Retrieved from "https://en.wikipedia.org/w/index.php?title=Kona_Grill&oldid=941705238"