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Noodles & Company enters support agreement with activist investor Hoak & Co.Noodles & Company enters support agreement with activist investor Hoak & Co.

The firm owns more than 9% of the restaurant company and has placed an executive on the chain’s board

Bret Thorn, Senior Food Editor

June 11, 2024

2 Min Read
Noodles Exterior
A Noodles & Company restaurantCourtesy of Noodles & Company

Noodles & Company has entered into a support agreement with activist investor Hoak & Co. and related companies as it continues to struggle with sales and traffic.

As part of the agreement, the Broomfield, Co.-based chain has appointed Hoak investor and vice president Britain Peakes to its board of directors, effective June 10, and Hoak has agreed to maintain its investment at around 9.48% of outstanding shares and support the current executive board. 

In a press release, Noodles & Company said Peakes’ role at Hoak & Co., includes sourcing, due diligence, transaction negotiation and execution, portfolio management, and financial analysis across real estate, private equity, and public equity sectors.

“We have a productive and collegial relationship with Hoak & Co., and we share a commitment to building and increasing shareholder value,” Noodles & Company chairman of the board Jeff Jones said in a statement.

Peakes said she was looking forward to her new role.

“I have long admired the Company’s commitment to quality, innovation, and guest satisfaction,” she said. “As a director, I look forward to contributing to the Company’s strategic growth initiatives in support of its mission to deliver exceptional dining experiences.”

Noodles & Company has been struggling since customers responded badly to a price hike in February of 2023 which led to the departure of then-CEO Dave Boennighausen and the eventual appointment of Panera veteran Drew Madsen.

Related:Noodles & Company’s sales continue to decline in first quarter as turnaround efforts progress

The new CEO has since implemented a plan to turn the company around, including revamping the menu, implementing tech updates, and raising standards at underperforming restaurants within the 470-unit chain.

During the chain’s most recent earnings call, for the quarter ended April 2, when same-store sales were down by 5.4%, revenue was down by 3.7%, margins fell by 3.4%, and the company booked a net loss of $6.1 million, Madsen warned that it would take time for the plan to take effect, with a full menu rollout planned for 2025.

Contact Bret Thorn at [email protected] 

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About the Author

Bret Thorn

Senior Food Editor, Nation's Restaurant News

Senior Food & Beverage Editor

Bret Thorn is senior food & beverage editor for Nation’s Restaurant News and Restaurant Hospitality for Informa’s Restaurants and Food Group, with responsibility for spotting and reporting on food and beverage trends across the country for both publications as well as guiding overall F&B coverage. 

He is the host of a podcast, In the Kitchen with Bret Thorn, which features interviews with chefs, food & beverage authorities and other experts in foodservice operations.

From 2005 to 2008 he also wrote the Kitchen Dish column for The New York Sun, covering restaurant openings and chefs’ career moves in New York City.

He joined Nation’s Restaurant News in 1999 after spending about five years in Thailand, where he wrote articles about business, banking and finance as well as restaurant reviews and food columns for Manager magazine and Asia Times newspaper. He joined Restaurant Hospitality’s staff in 2016 while retaining his position at NRN. 

A magna cum laude graduate of Tufts University in Medford, Mass., with a bachelor’s degree in history, and a member of Phi Beta Kappa, Thorn also studied traditional French cooking at Le Cordon Bleu Ecole de Cuisine in Paris. He spent his junior year of college in China, studying Chinese language, history and culture for a semester each at Nanjing University and Beijing University. While in Beijing, he also worked for ABC News during the protests and ultimate crackdown in and around Tiananmen Square in 1989.

Thorn’s monthly column in Nation’s Restaurant News won the 2006 Jesse H. Neal National Business Journalism Award for best staff-written editorial or opinion column.

He served as president of the International Foodservice Editorial Council, or IFEC, in 2005.

Thorn wrote the entry on comfort food in the Oxford Encyclopedia of Food and Drink in America, 2nd edition, published in 2012. He also wrote a history of plated desserts for the Oxford Companion to Sugar and Sweets, published in 2015.

He was inducted into the Disciples d’Escoffier in 2014.

A Colorado native originally from Denver, Thorn lives in Brooklyn, N.Y.

Bret Thorn’s areas of expertise include food and beverage trends in restaurants, French cuisine, the cuisines of Asia in general and Thailand in particular, restaurant operations and service trends. 

Bret Thorn’s Experience: 

Nation’s Restaurant News, food & beverage editor, 1999-Present
New York Sun, columnist, 2005-2008 
Asia Times, sub editor, 1995-1997
Manager magazine, senior editor and restaurant critic, 1992-1997
ABC News, runner, May-July, 1989

Education:
Tufts University, BA in history, 1990
Peking University, studied Chinese language, spring, 1989
Nanjing University, studied Chinese language and culture, fall, 1988 
Le Cordon Bleu Ecole de Cuisine, Cértificat Elémentaire, 1986

Email: [email protected]

Social Media:
LinkedIn: https://www.linkedin.com/in/bret-thorn-468b663/
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Twitter: @foodwriterdiary
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