This week on Nation's Restaurant News, the top story was Frisch’s senior management acquires remaining Big Boy locations. While Frisch’s Big Boy continues to face imminent eviction for many of its dwindling restaurant locations, a group of executives has stepped in to try and save what is left of the brand.
According to a press release viewed by the Cincinnati Enquirer, a group of senior management, led by Frisch’s franchising area coach Don Short and vice president of operations, Cheryl White, has purchased the remaining open restaurant locations, plus future development rights for the Cincinnati, Ohio-based family-dining brand.
In other news, Private equity giant Blackstone will acquire a majority ownership position in Jersey Mike’s, the fast-growing sub shop purchased by Peter Cancro in 1975. Terms of the deal were not disclosed.
Cancro will maintain a significant equity stake and continue to lead the business. The partnership with Blackstone is intended to help enable Jersey Mike’s to accelerate its expansion across and beyond the U.S. market, and continue its technology and digital transformation, according to the companies.
Also, a recent report uncovered that Gen Z consumers aren’t that loyal when it comes to restaurant brands. That doesn’t mean they avoid them altogether, of course, and another new report shows which brands they do prefer and why.
The third annual “Gen Z’s Top 25 Most Magnetic Brands” report from research and strategy firm dcdx, finds that McDonald’s, Wingstop, Raising Cane’s, Chipotle, and Starbucks are popular among the demographic. This is notable because Gen Z – consumers who are 12- to 27-years-old – is expected to wield $12 trillion in spending power by 2030, according to Nielsen, likely making it the wealthiest generation ever.
See what else was trending on NRN.com this week.
