Kona Grill

Last updated
Kona Grill Inc.
Type Public
Nasdaq:  KONA
Founded1998;25 years ago (1998)
Headquarters Denver, Colorado
Number of locations
46 [1]  (2017)
Areas served
 United States, Mexico, United Arab Emirates
Key people
Christi Hing (CEO)
RevenueDecrease2.svg US$ 37.4 million (September 30, 2018) [2]
US$-22m [3]  (2016)
Total assets US$108m [3]  (2016)
Website konagrill.com

Kona Grill, Inc. is an upscale casual restaurant company based in Denver, Colorado 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] In 2019, STK Parent company, One Hospitality Group purchased Kona Grill for $25 million. [7]

Contents

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. [8]

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. [9] [10]

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. [11] [12]

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. [13] [14] [15] [16] [17]

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. [18]

Corporate

On March 21, 2019, Shawn Hassel took a seat on the Board of Directors as Chair of the company's Strategic Alternatives Committee. [19] On March 27, 2019, Kona Grill's Executive Chairman Berke Bakay resigned. [19] 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.

Related Research Articles

<span class="mw-page-title-main">Perkins Restaurant & Bakery</span> American restaurant chain

Perkins LLC is an American casual dining restaurant chain that serves breakfast and other homestyle meals throughout the day in addition to bakery items such as pies, muffins and other sweets. As of September 2023, the company operates 269 locations in 32 U.S. states and two Canadian provinces.

Ruby Tuesday Inc. is an American multinational foodservice retailer that owns, operates, and franchises Ruby Tuesday restaurants. The concept was started in 1972 by Samuel E. (Sandy) Beall III.

P. F. Chang's China Bistro is an American-based, casual dining restaurant chain founded in 1993 by Paul Fleming and Philip Chiang that serves Asian fusion cuisine. Centerbridge Partners owned and operated Chang's until acquired by the private equity firm TriArtisan Capital Advisors on March 2, 2019. P. F. Chang's is headquartered in Scottsdale, Arizona.

<span class="mw-page-title-main">Back Yard Burgers</span> American regional franchise chain of restaurants in the Southern and Midwestern US

Back Yard Burgers, Inc., is an American regional franchise chain of quick serve restaurants. As of March 2022, there are 38 restaurants in the Southern and Midwestern United States. Back Yard Burgers is a subsidiary of private equity firm Axum Capital Partners, and is headquartered in Nashville, Tennessee.

<span class="mw-page-title-main">Qdoba</span> Restaurant chain

Qdoba is a chain of fast casual restaurants in the United States and Canada serving Mexican-style cuisine. After 15 years as a wholly owned subsidiary of Jack in the Box, the company was sold to a consortium of funds led by Apollo Global Management in March 2018. At the time of the sale, Qdoba had more than 700 locations in 47 states, the District of Columbia, and Canada. In October 2022, Qdoba was acquired by Butterfly Equity.

<span class="mw-page-title-main">Red Robin</span> American casual dining restaurant chain

Red Robin Gourmet Burgers, Inc., more commonly known as Red Robin Gourmet Burgers and Brews or simply Red Robin, is an American chain of casual dining restaurants founded in September 1969 in Seattle, Washington. In 1979, the first franchised Red Robin restaurant was opened in Yakima, Washington. Red Robin's headquarters are in Greenwood Village, Colorado. As of August 2020, the company had over 570 restaurants in operation with 90 being operated as a franchise.

<span class="mw-page-title-main">Benihana</span> American Japanese cuisine restaurant company

Benihana Inc. is an American restaurant company founded by Hiroaki Aoki in New York City in 1964 and currently based in Aventura, Florida. It owns or franchises 116 Japanese-influenced restaurants around the world, including its flagship Benihana Teppanyaki brand, as well as the Haru and RA Sushi restaurants. Benihana introduced the teppanyaki restaurant concept, which had originated in Japan in the late 1940s, to the United States, and later to other countries.

Bloomin' Brands, Inc. is a restaurant holding company that owns several American casual dining restaurant chains. The company was established in 1988 in Tampa, Florida, where it is headquartered.

<span class="mw-page-title-main">Pei Wei Asian Diner</span> American restaurant chain serving Pan Asian food

Pei Wei Asian Diner, LLC, doing business as Pei Wei Asian Kitchen, ) is an American restaurant chain serving Pan Asian fare, operating in at 119 locations in the United States. Pei Wei's dishes are made to order in an open concept kitchen using cooking methods like wok firing. The restaurant offers guest customization that includes vegetarian and gluten-free options.

<span class="mw-page-title-main">Joe's Crab Shack</span> US restaurant chain

Joe's Crab Shack is an American chain of beach-themed seafood casual dining restaurants. Founded in Houston, Texas, the restaurant now operates locations all across the United States.

<span class="mw-page-title-main">Così (restaurant)</span> American fast-casual restaurant chain

Così, based in Boston, Massachusetts, is an American fast-casual restaurant chain that is known for its homemade flatbread. The name comes from the opera Così fan tutte, which was a favorite of the original owner. As of November 2020, the company operated 20 locations in New York, Washington D.C., Virginia, Pennsylvania, Massachusetts, Connecticut, Illinois, Indiana, and Ohio, down from 66 at the beginning of the year. The chain filed for Chapter 11 bankruptcy in February 2020.

<span class="mw-page-title-main">Ground Round</span> American restaurant chain

Ground Round Grill & Bar is an American casual dining restaurant that was founded in 1969 by Howard Johnson's. On January 17, 2010, Independent Owners Cooperative, LLC—a group originally formed of 30 franchisee owners, which is based in Freeport, Maine—became the owner of Ground Round.

<span class="mw-page-title-main">Cheeseburger in Paradise (restaurant)</span> Defunct Casual dining restaurant and former chain

Cheeseburger in Paradise was a casual dining theme restaurant chain in the United States that operated between 2002 and 2020. The chain started in 2002 as a partnership of American musician Jimmy Buffett's company, the Orlando, Florida-based Margaritaville Holdings LLC, and OSI Restaurant Partners, with Buffett licensing the name and Outback Steakhouse operating the franchising of restaurants. After a change of ownership in 2012, most of the restaurants were closed by 2014. The last location closed in September 2020.

<span class="mw-page-title-main">Carino's Italian</span> United States-based chain of restaurants

Carino's Italian is a United States-based chain of Italian food casual dining restaurants. Headquartered in Austin, Texas, the concept is owned by Fired Up, Inc., which was founded in 1997 by partners and former Brinker International executives Norman Abdallah and Creed Ford III.

<span class="mw-page-title-main">MTY Food Group</span> Canadian restaurant franchisor and operator

MTY Food Group is a Canadian franchisor and operator of numerous casual dining, fast casual, and quick service restaurants operating under more than 70 brand names, some of them through wholly owned subsidiaries. Headquartered in the Montreal borough of Saint-Laurent, Quebec, the number of outlets carrying MTY brands reached 5,500 in 2017. Stanley Ma is the group founder, President and CEO. MTY Food Group's brands include Thaï Express, Country Style, Groupe Valentine, Vanelli's, Extreme Pita, Cultures, La Crémière, Sushi Shop, Veggirama, Caferama, O'burger, Tiki Ming, Vie & Nam, Au Vieux Duluth Express, FranxSupreme, ChicknChick, Croissant Plus, Koya Japan, Kim Chi, Panini, Tandori, Tutti Frutti, Villa Madina Mediterranean Cuisine, Sukiyaki, Taco Time, Yogen Früz, and the Canadian branch of TCBY.

SPB Hospitality is a multi-brand restaurant operator headquartered in Houston, Texas. The company owned several casual dining restaurant chain brands, including Logan's Roadhouse, Old Chicago, Gordon Biersch Brewery Restaurants, and Rock Bottom Restaurants Breweries. As of November 2019, CraftWorks owned and operated over 390 restaurants in the United States, but all of its owned-and-operated locations closed by March 2020, after a Chapter 11 bankruptcy followed immediately by the COVID-19 pandemic in the United States, and CraftWorks and terminated its 18,000 employees, leaving fewer than 25 employed. On June 12, 2020, SPB Hospitality purchased Craftworks businesses out of bankruptcy for $93 million.

<span class="mw-page-title-main">The Habit Burger Grill</span> American fast casual restaurant chain

The Habit Burger Grill is a California-based fast casual restaurant chain that specializes in chargrilled hamburgers. The company also sells other typical fast-casual fare. It was founded in 1969 at Santa Barbara, California and its headquarters are in Irvine, California.

<span class="mw-page-title-main">Noon Mediterranean</span> Austin-based fast casual restaurant chain

Noon Mediterranean was an Austin-based fast casual restaurant chain. The company created the world's smallest food truck out of a Smart Car in 2011. In May 2016, it was rated ninth on Restaurant Business Online's list of Top 25 Fastest-Growing Fast Casuals. As of November 2017, Noon had 20 locations in the United States. Noon co-founder Dominik Stein was included on Forbes' "30 Under 30" list under the Food & Drink category in 2017.

<span class="mw-page-title-main">El Pollo Loco (United States)</span> Restaurant chain

El Pollo Loco, Inc., is a restaurant chain based in the United States, specializing in Mexican-style grilled chicken. Restaurant service consists of: dine-in, take-out, with some locations offering drive through options. The company is headquartered in Costa Mesa, California, and operates about 500 company-owned and franchised restaurants in the Southwestern United States.

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. 1 2 Ruggless, Ron (Mar 29, 2019). "Kona Grill CEO resigning as brand considers possible sale". Nation's Restaurant News . Retrieved March 29, 2019.
  3. 1 2 Kona Grill Inc Annual Report 2016 (PDF), archived from the original (PDF) on 2017-08-20, retrieved 2021-01-12
  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. ISBN   9780974014340 . 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. ↑ "One Group acquires Kona Grill". Nation's Restaurant News. 2019-10-07. Retrieved 2021-02-07.
  8. ↑ "e10vk". www.wikinvest.com. Archived from the original on 29 April 2018. Retrieved 23 May 2018.
  9. ↑ "Kona Grill files for IPO". www.bizjournals.com. Retrieved 2021-10-14.
  10. ↑ Gelsi, Steve. "Kona Grill prices IPO atop range". marketwatch.com. Retrieved 23 May 2018.
  11. ↑ "SEC FILING - Kona Grill Inc Form S-3". services.corporate-ir.net. Archived from the original on 29 April 2018. Retrieved 23 May 2018.
  12. ↑ Friedman, Nickey (27 July 2014). "Will Kona Grill Be the Fastest Growing Restaurant Chain of 2014?". fool.com. Retrieved 23 May 2018.
  13. ↑ "New Kona Grill for Canada - Franchise Advice - Global Franchise". www.globalfranchisemagazine.com. Archived from the original on 11 October 2018. Retrieved 23 May 2018.
  14. ↑ Feder, Robert D. (23 May 2018). Valuing Specific Assets in Divorce. Aspen Publishers Online. ISBN   9780735513594 . Retrieved 23 May 2018– via Google Books.
  15. ↑ "Llega Kona Grill a Monterrey". www.elfinanciero.com.mx. 4 August 2017. Retrieved 23 May 2018.
  16. ↑ "Kona Grill". urbanologie.com. Retrieved 23 May 2018.
  17. ↑ "10-Q: KONA GRILL INC". marketwatch.com. Archived from the original on 2018-04-29. Retrieved 23 May 2018.
  18. ↑ "Casual dining restaurant chain Kona Grill seeks Ch. 11 bankruptcy protection". News is my Business. 2 May 2019.
  19. 1 2 "FORM 8-K". U.S. Securities and Exchange Commission . Mar 21, 2019. Retrieved March 29, 2019.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.