Perkins Restaurant and Bakery
|Industry||Restaurant and Bakery|
|Founded||As Perkins Pancake House: 1958|
Cincinnati, Ohio, U.S.
As Perkins Family Restaurant: 1987
|Founders||Matt and Ivan Perkins|
|Headquarters||Memphis, Tennessee, U.S.|
|Jeff Warne (CEO)|
|Revenue||$352.3 million as of FY 2005|
|Owner||Wayzata Investment Partners|
Number of employees
|Parent||Perkins & Marie Callender's|
The Perkins chain was established in 1958, when Matt and Ivan Perkins opened what was called Perkins Pancake House in Cincinnati, Ohio. In the 1960s, the chain expanded as a franchise. One franchisee in Minnesota, Wyman Nelson, introduced an expanded menu and an aggressive advertising campaign in 1967.
From 1969 to 1978, Nelson consolidated Perkins and another chain, Smitty's, into Perkins 'Cake & Steak'. From headquarters in Edina, Minnesota, he assumed nationwide development control of the company, and focused on opening over 220 restaurants. In 1979, Matt and Ivan retired, selling their remaining interest in the company, including trademark and distribution rights. In August 1979, Perkins became a wholly owned subsidiary of Memphis-based Holiday Inns, Inc., and corporate headquarters were established in Tennessee.
In 1985 restaurant entrepreneur Donald N. Smith, who then served on the Board of Directors of Holiday Inns, purchased an ownership interest in Perkins, becoming Chairman of the Board and the company's CEO.
The company was renamed Perkins Family Restaurants in 1987 and was organized into a master limited partnership with interests publicly traded on the New York Stock Exchange. The corporation expanded into Canada, opening a restaurant in Thunder Bay, Ontario. In 1990, the company began its philanthropic relationship with Give Kids the World, contributing money and meals to the Florida-based charity for terminally ill children globally.
In the 2000s, Perkins underwent business changes. In 2000, it merged with a wholly owned subsidiary of The Restaurant Company (TRC). In 2005, TRC was acquired by Castle Harlan, a New York-based private equity investment firm, for approximately US$245 million. In May 2006, the parent company also acquired Marie Callender's, a chain of casual dining restaurants also known for their freshly baked pies.
In June 2011, many restaurants were closed with no notice given to customers or staff. Closures occurred in Colorado, Kansas, Illinois, Tennessee, Florida, Michigan, and Minnesota. Later that month, Perkins & Marie Callender's Inc. filed for Chapter 11 Bankruptcy. PMCI closed 65 restaurants and laid off 2,500 workers. In the bankruptcy proceedings PMCI listed assets of $290 million and liabilities of $441 million. PMCI emerged from bankruptcy at the end of November 2011 under the control of Wayzata Investment Partners, but continued to experience difficulties: in May 2012, it was announced that all western New York Perkins restaurants would close.
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- "Castle Harlan Agrees To Buy Perkins Family Restaurants". perkinsrestaurants.com. September 6, 2005. Archived from the original on June 18, 2015. Retrieved September 9, 2005.
- "Castle Harlan Completes Purchase Of Perkins Family Restaurants". castleharlan.com. Castle Harlan. September 6, 2005. Retrieved August 20, 2015.
- "Perkins, Marie Callender's Complete Combination". perkinsrestaurants.com. May 3, 2006. Archived from the original on April 29, 2011. Retrieved May 7, 2006.
- "June 2011 Closure - Michigan".
- "June 2011 Closure - Walnut Creek/Concord, CA". The San Francisco Chronicle. June 12, 2011.
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- "June 2011 Closure - Santa Rosa, CA". Archived from the original on 2011-06-16.
- "June 2011 Closure - Orlando, FL".
- "June 2011 Closure - Colorado".
- "Perkins emerges from bankruptcy with Wayzata firm in control". Minneapolis / St. Paul Business Journal. Retrieved 2016-05-15.
- McCarty, Dawn; Milford, Phil; Smith, Heather (June 13, 2011). "Bankruptcy". Bloomberg.