Famous Dave’s BBQ Restaurant Chain Sees “Smokin’” Hot Growth
Legendary BBQ, along with committed franchise growth over 1800% in Five years!!
EDEN PRAIRIE, MINNESOTA - (July 6, 2005) - Famous Dave’s, the nation’s legendary, award-winning pit-barbecue rib restaurant franchise, is rapidly closing in on its goal of 400 franchised units throughout the United States. In fact, with only about a dozen territories available for sale, Famous Dave’s has emerged a clear leader in the BBQ specialty segment, continuing to capture a loyal following of customers in communities around the nation with its famous BBQ menu.
Since the end of 1st quarter 2000, the “Famous” chain had just two franchised units open and 11 more committed to open. Today, Famous Dave’s has 80 franchised units open and 171 committed.
With 118 combined corporate and franchised units currently open, Famous Dave’s expects to see 22-25 additional units opening for business during 2005. Company executives attribute the growth to signing multi-unit deals with experienced franchise restaurateurs seeking ownership of the segment-leading franchise opportunity. An example would be Famous Dave’s most recently signing a nine-unit agreement with a Denny’s franchisee in the Northeast United States.
“Our recent franchisees have taken notice of our rapid expansion and customer acceptance across the United States” said Jim Schwitzer, Director of Franchise Sales & Development. “Because Famous Dave’s is becoming the BBQ icon in communities nationwide, it naturally attracts successful franchisees from other national franchise restaurant chains,” Schwitzer added.
Dave’s also has franchisees that operate Applebee’s, TGI Friday’s and Johnny Carino’s franchises to name just a few. The brand has grown across the nation: restaurants are open or under development from New Hampshire to Seattle, from Rancho Cucamonga to Fort Myers, proving that BBQ is quickly appealing to a large cross section of the US casual dining customer. “We have now dispelled the “regional difference” fear that many believed would be an issue,” said Schwitzer. With such experienced franchisees seeking to add Famous Dave’s to their portfolios, Famous Dave’s has become a “smoking” commodity in the franchise industry. “We have only a handful of territories available and we will continue to select the right people to be a part of the Famous Dave’s family to operate in those territories,” added Schwitzer.
About Famous Dave’s
First opened in Hayward, Wisconsin in 1994, Famous Dave’s of America, Inc. (NASDAQ: DAVE) develops, owns, operates and franchises barbeque restaurants. Currently, the company operates 38 locations and has 80 franchised units in 29 states. Its menu features award-winning barbequed and grilled meats, a generous selection of salads, side items, sandwiches, and unique desserts.
Certain matters discussed within this press release, including timing of the transactions, restaurant openings and expansion plans, may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although Famous Dave’s of America, Inc. believes the expectation reflected in any forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectation will be attained. Factors that could cause actual results to differ materially from Famous Dave’s expectation include financial performance, restaurant industry conditions, execution of restaurant development and construction programs, franchisee performance, changes in local or national economic conditions, availability of financing, governmental approvals and other risks detailed from time to time in the company’s SEC reports.
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