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Buffalo Wild Wings

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Buffalo Wild Wings
FormerlyBuffalo Wild Wings & Weck (1982–1998)
Company typeSubsidiary
IndustryRestaurant
Founded1982; 42 years ago (1982) in Columbus, Ohio, U.S. as Buffalo Wild Wings & Weck
FoundersJim Disbrow
Scott Lowery
Bernard Spencer[citation needed] Elizabeth Brock[citation needed]
HeadquartersSandy Springs, Georgia, U.S.
Number of locations
1,238 (June 2017)
Area served
United States
Canada
Mexico
Philippines
Saudi Arabia
United Arab Emirates
Panama
Oman
India
Vietnam
Key people
Paul Brown - CEO
ProductsChicken Wings, Shareables, Burgers, Beer
RevenueIncrease US$1.99 billion (2016)
Decrease US$136.70 million (2016)
Decrease US$94.21 million (2016)
Total assetsDecrease US$1.05 billion (2016)
Total equityDecrease US$517.90 million (2016)
Number of employees
~44,000 (2016)
ParentIndependent (1982–2018)
Inspire Brands (2018–present)
Websitewww.buffalowildwings.com
Footnotes / references
[1]

Buffalo Wild Wings (originally Buffalo Wild Wings & Weck,[2] hence the numeronym BW3) is an American casual dining restaurant and sports bar franchise in the United States, Canada, India, Mexico, Oman, Panama, Philippines, Saudi Arabia, United Arab Emirates, and Vietnam which specializes in Buffalo wings and sauces.

As of June 2017, it had 1,238 locations (625 directly owned by the company, and 612 franchised locations) across all 50 U.S. states and DC.[3] An alternate nickname in recent usage by the company is B-Dubs.[4][5] The company is operated out of Sandy Springs, Georgia, home to its parent company, Inspire Brands, just north of Atlanta. However, the brand still runs its support center out of Minneapolis, Minnesota, the location of its previous headquarters.[6]

History

File:CBW3logoedit.png
Buffalo Wild Wings & Weck first logo

Buffalo Wild Wings & Weck was founded in 1982 by Jim Disbrow and Scott Lowery. Lowery's parents had become Disbrow's guardians as they were his ice skating coaches. After Disbrow had finished judging an amateur figure skating competition at Kent State University, the pair met up to get some Buffalo-style chicken wings to eat. Failing to find any restaurant serving them, they decided to open their own restaurant serving wings. For the first location, they selected a location near Ohio State University, Columbus. Weck was an original part of the name, as beyond the wings and its dozen sauces, the restaurant served beef on weck.[7]

The pair brought on an additional partner, Mark Lutz, within six months after opening. None had any restaurant experience and thus ran all aspects of the business, including its finances, haphazardly. The restaurant expanded into a chain over the next decade as it added six additional locations in Ohio, Indiana, and Steamboat Springs, Colorado. The Colorado location was selected as they skied there.[7]

The company began to franchise in 1992 by working with Francorp, a Chicago-based law firm. The original franchise fee was $15,000 to $20,000 plus a percentage of sales. Its bottled wing sauces were then manufactured by Wilsey, Inc. of Atlanta. The company's headquarters was set up in 1992 in Cincinnati. By 1993, eight more locations were added, primarily in Ohio.[7]

In late 1994, Disbrow hired a part-time chief financial officer, Sally Smith, who was employed at his new father-in-law's business. In order to get her full-time, the company moved its headquarters to the Minneapolis/Saint Paul area where Smith wished to stay. Smith had to deal with issues with lenders and the Internal Revenue Service and a potential bankruptcy as a part overhauling its finances. Smith was unable to determine the firm's net income/loss prior to 1995. During 1995, the company did $12 million in revenue with loss of $1.6 million.[7]

Expecting more growth in 1995, BW3 designed a new prototype free-standing outlet with clear separation between the bar and dining areas and seating 190 in a 5,000- to 7,500-square-foot space. This was a shift in strategy from a college sports-bar to casual dining. The company looked closer at new franchisees' qualifications. Existing franchisees were encouraged to add more locations while more corporate locations were planned. At that time, there were 48 locations with 12 corporate owned.[7]

Smith was promoted to president and CEO in August 1996, while Disbrow became chairman of the board. At the end of the year, 35 new locations were opened. An initial public stock offering was considered in 1998, but discarded given unfavorable market conditions. After using different name variations, bw-3 and Buffalo Wild Wings, in different markets in its first national ad campaign market; the decision was made to standardize the name throughout the system with the latter name that same year. The company moved to increase home sales of their sauces by upgrading the packaging.[7]

The 100th location opened in October 1999 in Apple Valley, Minnesota a short drive from its corporate headquarters. At the time, there were 23 company owned restaurants. Three venture capital firms and other purchased a majority stake, $8.5 million in shares, available in a December 1999 private placement. The funding was planned to fund expansion with expectation to have 260 sites by late 2003. The company tested several new sauces in 2000 but only added two to the menu with its first dessert. In 2000, the chain, now calling its locations, Buffalo Wild Wings Grill & Bar, was in 19 states and 140 locations (at year end) with one finally in the city of its signature menu item, Buffalo, New York.[7]

System-wide revenue was $150 million in 2001 with same-stores averaged growth of 8 percent per year. The company began pushing takeout sales. In late 2001, the company signed on Frito-Lay to its plans for branded potato chips to the retail market.[7]

Disbrow died in October 2002, while Smith continued as company executive with Lowery as vice president of franchise construction. There were 211 locations in 27 states by the end of third quarter of 2003.[7]

In 2010, the company announced an expansion into Canada.[8] In 2015, Buffalo Wild Wings expanded in the United Arab Emirates when it opened a restaurant in Dubai.[9]

In March 2013, the company took a minority stake in PizzaRev upscale pizza restaurant.[10] In August 2014, BW3 had purchased a majority stake in Rusty Taco chain[11] and changed its name to R Taco the next year.[12]

In November 2017, Roark Capital Group and The Wendy's Company, co-owners of Arby's Restaurant Group, announced its plan to purchase the chain for about $2.4 billion plus debt.[13][14] This deal was completed on February 5, 2018 with Arby's Restaurant Group being renamed Inspire Brands and set up as the holding parent company to Arby's, Buffalo Wild Wings, and R Taco. Inspire Restaurant Group intends for each restaurant to keep their individual brands, name, logos, and operating autonomously.[15] On September 5, 2018, Inspire Brands subsidiary R Taco announced it was changing its name back to Rusty Taco.

Concept

The chain is best known for Buffalo-style chicken wings along with over a dozen sauces, as well as a complement of other items such as chicken tenders and legs. The chain's menu also features appetizers, burgers, tacos, salads, and desserts, along with beer, wine, and other beverages. They are known for their famous "Blazin Wing Challenge." They challenge customers to eat 12 of their hottest wings under six minutes. The winners receive a free T-shirt. The restaurants feature an open layout with a bar area and patio seating flanked by over 50 televisions and media screens.[16] Starting in 2016, the new restaurants being built follow a new type of layout that gives the guests the feeling as if they were actually in a sports stadium. Server uniforms consisted of gray shorts and jerseys with the number 82, signifying the year that the chain was established in 1982.[17] In 2019, a new uniform was introduced that only includes the company's logo.[18]

Naming rights

See also

References

  1. ^ "US SEC: Form 10-K Buffalo Wild Wings, Inc". United States Securities and Exchange Commission. Retrieved January 18, 2018.
  2. ^ "BUFFALO WILD WINGS – A Brief History" (PDF). 2012. Archived from the original (PDF) on July 1, 2015. Retrieved July 7, 2017.
  3. ^ "Buffalo Wild Wings, Inc. Announces Fourth Quarter Earnings per Share of $0.87". February 7, 2017. Archived from the original on March 9, 2017. Retrieved March 8, 2017.
  4. ^ "B-Dubs Buffalo Wild Wings app".
  5. ^ "B-Dubs iPhone App".
  6. ^ Reilly, Mark (February 5, 2018). "Buffalo Wild Wings will be run out of Atlanta as Arby's deal closes". bizjournals.com. St. Paul Business Journal. Retrieved September 9, 2019.
  7. ^ a b c d e f g h i "History of Buffalo Wild Wings, Inc". International Directory of Company Histories, Vol. 56. St. James Press. 2004. Retrieved February 7, 2018 – via FundingUniverse.
  8. ^ Singleton, Sharon (August 18, 2010). "Buffalo Wild Wings coming to Canada". Toronto Sun. Retrieved August 19, 2010.
  9. ^ Overton Johnson, Stacie (September 6, 2015). "Dubai Foodie News: Buffalo Wild Wings opens on Jumeirah Road, new brunches and more". The National. Retrieved November 1, 2016.
  10. ^ "Buffalo Wild Wings dips into pizza business". GoMN. KQGO-FM. March 19, 2013. Archived from the original on February 8, 2018. Retrieved February 7, 2018.
  11. ^ Griswold, Alison (August 25, 2014). "Buffalo Wild Wings Invests in Tacos and Pizza". Slate. Retrieved February 7, 2018.
  12. ^ "Buffalo Wild Wings' Fast Casual R Taco Unveils Expansion Plans". QSR magazine. Journalistic Inc. November 3, 2016. Retrieved February 7, 2018.
  13. ^ Bomey, Nathan. "Arby's to acquire Buffalo Wild Wings for $2.4B in restaurant shakeup". USA Today. USA Today. Retrieved November 28, 2017.
  14. ^ Isidore, Chris. "Arby's is buying Buffalo Wild Wings". CNN Money. Retrieved November 28, 2017.
  15. ^ Thorn, Bret (February 5, 2018). "Arby's, Buffalo Wild Wings new parent Inspire Brands debuts". Nation's Restaurant News. Retrieved February 7, 2018.
  16. ^ "Profile:Buffalo Wild Wings Inc (BWLD.O)". Reuters. Retrieved November 1, 2016.
  17. ^ Hagerty, Marilyn (September 6, 2016). "Buffalo Wild Wings a hot spot for students, sports fans". Grand Forks Herald. Archived from the original on November 4, 2016. Retrieved November 1, 2016.
  18. ^ https://www.indeed.com/cmp/Buffalo-Wild-Wings/faq/what-do-you-wear-for-uniform?quid=1co3pl62c5j5m800
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