McCormick & Schmick's

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McCormick & Schmick's
Seafood Restaurants
Type Subsidiary
Industry Restaurant and catering
Predecessor(s) Traditional Concepts
Founded 1979
Founder(s) Bill McCormick & Douglas Schmick
Headquarters Portland, Oregon, USA
Number of locations 77[1]
Revenue $358.6 million (2007)[2][dated info]
Employees Over 7100 (2007)[2][dated info]
Parent Landry's Restaurants
Subsidiaries The Boathouse (in Canada)
Website www.mccormickandschmicks.com

McCormick & Schmick's Seafood Restaurants Inc. is an American seafood restaurant chain, based in Portland, Oregon.[3] Founded in 1979, the company operates approximately 90 locations in North America under various brands, including Canadian locations that operate under the Boathouse name.[1] A sale to the parent company of Landry's Restaurants was completed in January 2012.

History[edit]

M&S Grill in Tigard, Oregon

The company dates its roots back to the 1970s, with Bill McCormick's purchase of Jake's Famous Crawfish, a 100-plus year-old restaurant in Portland, Oregon.[4] McCormick hired Douglas Schmick for management, and the two formed Traditional Concepts in 1974, the precursor to the McCormick & Schmick's restaurants.[4]

The original McCormick & Schmick's restaurant was opened in 1979 in Portland.[4] This 9,400-square-foot (870 m2) location in downtown was located in the Henry Failing Building.[5] In 2004, the company became a publicly traded company after an initial public offering.[6] As of 2009, there are almost 100 restaurants and catering locations in the United States and Canada. In June 2009, the company closed the original location in Portland.[5] The chain is famous for its generous happy hour, and its landmark $1.95 half-pound cheeseburger. The price was changed to $2.95 in the spring of 2009.[7]

On April 4, 2011, Tilman J. Fertitta, who was already the company's single largest individual shareholder, made a bid to take McCormick & Schmick's private, offering $9.25 per share for the company's outstanding shares, a 30 percent premium over its April 1 closing price.[8] An offer of $8.75 per share was accepted by McCormick & Schmick's board in November 2011, with the purchase expected to be completed by January 2012.[1][9] Operations would be merged into Landry's Restaurants, though Feritta expected to "keep some sort of an office in Portland."[8] The sale to the conglomerate was completed in January 2012, and the once publicly traded company was removed from the NASDAQ exchange after trading under the MSSR symbol from 2004 until 2012.[10]

See also[edit]

References[edit]

  1. ^ a b c Gunderson, Laura (November 8, 2011). "Tilman Fertitta says McCormick & Schmick grew too fast in wrong places". The Oregonian. Retrieved 30 November 2011. 
  2. ^ a b McCormick & Schmick's from Hoover's
  3. ^ "Contact Us-Main Offices." McCormick & Schmick's. Retrieved on January 5, 2011. "1414 NW Northrup St., Suite 700 Portland, OR 97209-2798"
  4. ^ a b c History from the company's website
  5. ^ a b "McCormick & Schmick's closes downtown restaurant". Portland Business Journal. June 3, 2009. Retrieved 2009-06-04. 
  6. ^ Sickinger, Ted (December 16, 2004). "Cascade Microtech public after 4-year wait". The Oregonian. p. D1. 
  7. ^ "Game-Changing Happy Hour News Regarding McCormick & Schmick's $1.95 Half-Pound Cheeseburger". Retrieved 2009-06-19. 
  8. ^ a b "Tilman Fertitta talks McCormick & Schmick's takeover". Portland Business Journal. April 4, 2011. Retrieved 2011-04-05. "Fertitta first invested in McCormick & Schmick’s in 2009 and has since raised his stake in the 94-unit chain to 10.1 percent. He is its single largest individual shareholder." 
  9. ^ "Landry's Commences Cash Tender Offer for All Outstanding Shares of McCormick & Schmick's Seafood Restaurants at $8.75 Per Share". News Release. McCormick & Schmick’s Seafood Restaurants. Retrieved 30 November 2011. 
  10. ^ Culverwell, Wendy (January 4, 2012). "Fertitta fires McCormick execs, closes restaurants". Portland Business Journal. Retrieved January 7, 2012. 

External links[edit]