ST. LOUIS PARK Minn. Granite City Food & Brewery Ltd. is planning to add at least seven more brewpubs by next year with the help of a new $16 million debt facility with DHW Leasing LLC, the company said Tuesday.
The loan is earmarked for such new-store development needs as furniture, fixtures and equipment, according to a statement from Granite City, which currently operates 21 namesake brewpubs in 10 states.
Steven Wagenheim, Granite City’s president and CEO, said in the statement that new stores are planned for Orland Park, Ill.; Creve Coeur and St. Louis, Mo.; Fort Wayne, South Bend and Indianapolis, Ind.; and Toledo, Ohio.
Granite City noted in its statement that Wagenheim is a principal at DHW but that he agreed not to receive any compensation related to the facility.
Late last month, Granite City named James G. Gilbertson chief financial officer, replacing Peter P. Hausback, who left the company.
Checks at Granite City average $8 for lunch and $17.50 for dinner, with food accounting for about 80 percent of gross sales, the company said. Average unit sales are about $4.3 million.
Wagenheim has said his long-term goal is to have between 400 and 500 brewpubs nationwide.
