Boston Market was established in the 1985 by Steven Kolow and Arthur Cores in Newton, Massachusetts, and is a chain of restaurants that provides a simpler alternative to cooking at home for the family as it offers delicious and fresh, home-style cooked meals. It was previously called Boston Chicken ahead of the founders, who had by then partnered with George Nadaff, took it public and renamed Boston Market prices in 1995. The company has its headquarters in Golden, Colorado with George Michel as the Chief executive officer.
The growing success of the franchise fascinated many investors who have been constantly turned down from the founders. George Nadaff finally was able to convince his business partner to expand their store leading to a quick expansion making a chain of successful franchises that increased their revenues. The shops were so successful they even passed the anticipated income projections, doubling in only 1 month, and from over $8 million in 1990 to just about $21 million in 1991.
The company’s chain of stores continued to cultivate rapidly using a total of 530 company owned restaurants in 28 different states in 2007. As being a home-style oriented restaurant, Boston Market introduced frozen menu items in every franchise easily obtainable in supermarkets all around the US. There are also side dishes offered in over 700 supermarkets using the Boston Market brand.
The fast expansion of the franchise stores led to the company’s financial mishap. The key contributors inside the franchise were mostly management oriented with poor employee training, high operating expenses along with its lending consumer demand. This made the marketplace share fall by approximately $24 per share in 1997. Slow service in the restaurants also made sales decrease since it was will no longer a preference of the customers. The company began suffering huge losses of up to $312.6 million in only the very first 3 months of 1998 and reaching $437.1 million by July.
The almost defunct Boston Market company was purchased by McDonald’s for $173 million and it also started to slowly rebuild and expand the franchise instead of the initial plan of replacing it using its other food market brands. Its purchase by McDonald’s gave it a new lease of life and currently the chain of restaurants is apparently getting back on its feet, but instead it can experience rapid growth as before remains yet to be seen.
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