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 Warner (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.; 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.
Matt died of heart disease in 1991 at age 79 and Ivan died on February 11, 1998. Ivan also leaves his wife, Cecilia Perkins; sons, Michael Perkins and Dr. Patrick Perkins, daughters, Kathleen Widup, Peggy Perkins and Marlene Sullivan; 10 grandchildren and three great-grandchildren. At the time of Ivan's death, the franchise had 462 restaurants in 32 states.
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.
By 2011 the company, now PMCI, was in financial trouble. In June, many restaurants were closed with no notice given to customers or staff. Closures were in Colorado, Kansas, Illinois, Tennessee, Florida, Michigan, and Minnesota. Later that month, Perkins & Marie Callender's Inc. filed for Chapter 11 Bankruptcy. PMCI closed about 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.
- "Ohio Obituary and Death Notice Archive". genlookups.com. Retrieved August 20, 2015.
- "Matthew R. Perkins, Restaurant Founder, 79". The New York Times. The New York Times Company. January 5, 1991. Retrieved January 10, 2014.
- "Perkins Family Restaurants, L.P. Completes Merger". PR Newswire. December 23, 2000. Retrieved August 20, 2015.
- "Company Overview of Perkins Family Rest., LP". Bloomberg News. Bloomberg L.P.
- "Castle Harlan Agrees To Buy Perkins Family Restaurants". perkinsrestaurants.com. September 6, 2005. 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. Retrieved May 7, 2006.
- "June 2011 Closure - Michigan".
- "June 2011 Closure - Walnut Creek/Concord, CA". The San Francisco Chronicle. June 12, 2011.
- "June 2011 Closure - Spokane, WA".
- "June 2011 Closure - Santa Rosa, CA".
- "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.