GOLDEN, Colo. Einstein Bros. Bagels has signed its first franchise agreement, with plans to develop stores in Northern Florida.
Einstein, a division of New World Restaurant Group Inc. here, signed a development agreement with MC Squared Investments LLC of Orlando, Fla., to open 21 bagel restaurants over the next eight years. The first is planned for Jacksonville, Fla.
“We fell in love with the Einstein Bros. Bagels brand several years ago and believe it's a good fit for us,” said Mohammed Chaudhry, owner of MC Squared.
New World bought Einstein out of Chapter 11 bankruptcy about five years ago, and it has been working on making it profitable since. The company recently filed the necessary securities documents for a $125 million public stock offering. The public company would trade under the name Einstein Noah Restaurant Group Inc.
New World also owns the Noah’s New York Bagels and Manhattan Bagel brands. As of January, New World had 598 bagel units, consisting of 416 company-owned, 86 franchised and 96 licensed locations. Einstein is the largest division, with 341 stores.
Most of the franchised locations have been under the Manhattan Bagel flag.
Paul Murphy, chief executive of New World, said: “We welcome MC Squared Investments to the Einstein Bros. family and are committed to supporting our franchise family as it continues to grow.”
