Perkins Restaurant & Bakery

Last updated
Perkins LLC
Perkins
Company typeSubsidiary
Industry Restaurant and Bakery
FoundedAs Perkins Pancake House: 1958;66 years ago (1958)
Cincinnati, Ohio, U.S.
As Perkins Family Restaurant: 1987;37 years ago (1987)
FoundersMatt and Ivan Perkins
Headquarters Atlanta, Georgia, U.S.
Number of locations
266
Key people
James O'Reilly CEO
Toni Ronayne President
Steve Roach CTO
OwnerAscent Hospitality Management [1]
Number of employees
25,000 [ citation needed ]
Website www.perkinsrestaurants.com

Perkins LLC (also known as Perkins Restaurant & Bakery on the locations' signage) 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 April 2024, the company operates 265 locations in Arizona, Arkansas, Colorado, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Maryland, Michigan, Minnesota, Missouri, Montana, Nebraska, New Jersey, New York, North Dakota, Ohio, Oklahoma, Ontario, Pennsylvania, South Carolina, South Dakota, Tennessee, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.

Contents

History

1957−1984

The Perkins chain was established in 1957, when Matt and Ivan Perkins opened what was called Smithies Pancake House in Cincinnati, Ohio. [2] In 1958, 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 Inn, and corporate headquarters were established in Memphis, Tennessee.

1985−1999

In 1985, restaurant entrepreneur Donald N. Smith, who then served on the Board of Directors of Holiday Inn, 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 Perkins died of heart disease in 1991 at age 79, [3] and Ivan Perkins died on February 11, 1998. At the time of Ivan's death, the franchise had 462 restaurants in 32 states. [4]

A Perkins Restaurant and Bakery in Gillette, Wyoming Perkins Restaurant and Bakery in Gillette, Wyoming.jpg
A Perkins Restaurant and Bakery in Gillette, Wyoming
Older Perkins logo Perkins Logo.gif
Older Perkins logo

2000−present

In the 2000s, Perkins underwent business changes. In 2000, it merged with a wholly owned subsidiary of The Restaurant Company (TRC).[ citation needed ] In 2005, TRC was acquired by Castle Harlan, a New York-based private equity investment firm, for approximately US$245 million. [5] [6] In May 2006, the parent company acquired Marie Callender's, a chain of casual dining restaurants also known for their freshly baked pies, and combined it with the Perkins chain, forming Perkins & Marie Callender's Inc. [7]

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. [8] [9] 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, except for its Olean, New York, location, would close. [10] [11]

On August 5, 2019, its parent company Perkins & Marie Callender's filed for bankruptcy while announcing the closure of 29 of their under-performing restaurants. [12] [13] The following month, several of its locations in northern Pennsylvania closed. [14] [15]

On September 12, 2019, it was announced that Ascent Hospitality Management of Atlanta, Georgia, would acquire all remaining Perkins restaurants, a total of 342 units. [16]

See also

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References

  1. ↑ "Perkins" . Retrieved September 16, 2019.
  2. ↑ "-Perkins restaurant chain files for bankruptcy". Reuters . June 13, 2011. Retrieved June 10, 2019.
  3. ↑ "Matthew R. Perkins, Restaurant Founder, 79". The New York Times . January 5, 1991. Retrieved January 10, 2014.
  4. ↑ "Ohio Obituary and Death Notice Archive". genlookups.com. Retrieved August 20, 2015.
  5. ↑ "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.
  6. ↑ "Castle Harlan Completes Purchase Of Perkins Family Restaurants". castleharlan.com. Castle Harlan. September 6, 2005. Retrieved August 20, 2015.
  7. ↑ "Perkins, Marie Callender's Complete Combination". perkinsrestaurants.com. May 3, 2006. Archived from the original on April 29, 2011. Retrieved May 7, 2006.
  8. ↑ "June 2011 Closure - Michigan". 13 June 2011.
  9. ↑ "June 2011 Closure - Santa Rosa, CA". Archived from the original on 2011-06-16.
  10. ↑ "Perkins emerges from bankruptcy with Wayzata firm in control". Minneapolis / St. Paul Business Journal. Retrieved 2016-05-15.
  11. ↑ McCarty, Dawn; Milford, Phil; Smith, Heather (June 13, 2011). "Bankruptcy". Bloomberg.
  12. ↑ Stempel, Jonathan; Zieminski, Nick (August 5, 2019). "Perkins & Marie Callender's files for bankruptcy". Reuters . Retrieved August 5, 2019.
  13. ↑ Luna, Nancy (August 5, 2019). "Perkins & Marie Callender's close 29 restaurants amid bankruptcy filing". Nations Restaurant News . Retrieved August 5, 2019.
  14. ↑ Cotton, Josh (September 4, 2019). "Perkins Marks Last Day; Closes Warren Location". The Post-Journal . Retrieved September 16, 2019.
  15. ↑ Holliday, Anne (September 4, 2019). "Bradford Perkins Closed by shawn wolfe". WESB . Retrieved September 16, 2019.
  16. ↑ Ruggless, Ron (September 12, 2019). "Huddle House agrees to buy Perkins". Nations Restaurant News . Retrieved September 6, 2019.

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