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Franchise concept, which acquired Johnny Rockets in Q3, faces COVID-19 challenges with amusement park, movie theater, shopping mall, casino and cruise ship locations
Global franchising company FAT Brands Inc. sees its third-quarter acquisition of Johnny Rockets as a long-term investment as the retro-diner concept faces immediate challenges because of the COVID-19 pandemic, the CEO said Tuesday.
The Los Angeles-based FAT Brands, in releasing third-quarter earnings, said more than 20% of its restaurants, or 141 of 682 units across nine brands, remain temporarily closed because of restrictions and other pandemic-related reasons.
FAT Brands also owns steakhouses Bonanza and Ponderosa, which were deeply impacted by the pandemic because of their buffet formats. Other brands in its portfolio include Buffalo’s Cafe, Buffalo’s Express, Hurricane Grill & Wings, Elevation Burger and Yalla Mediterranean.
Andy Wiede...
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