Bojangles' Famous Chicken n' Biscuits

Infobox_Company
company_name = Bojangles' Famous Chicken n' Biscuits
company_
foundation = 1977
company_type = International
location = Charlotte, North Carolina
key_people = Jack Fulk, Richard Thomas (Founders)
industry = Food
slogan = "Gotta Wanna Needa Getta Hava' Bojangles"
products = Fast food, including fried chicken, biscuits and Cajun fixins
homepage = [http://www.bojangles.com http://www.bojangles.com]

"Bojangles' Famous Chicken n' Biscuits" is a regional chain of fast food restaurants based in Charlotte, North Carolina, specializing in spicy, "Cajun" fried chicken and buttermilk biscuits. The restaurants, named for the song written by Jerry Jeff Walker, are also known for their distinctive side dishes (called "fixins") including dirty rice, Cajun Pintos, thick-cut and Cajun seasoned french fries. Bojangles' also offers sausage gravy instead of the chicken gravy offered by most of its competitors. Sandwiches have also been added to the menu. The chain's chicken sandwiches come "Cajun" as well as Southern Fried, and breakfast biscuit sandwiches are served all day.

Founded in Charlotte, North Carolina, in 1977 by Jack Fulk and Richard Thomas, Bojangles' grew rapidly to over 200 locations by 1984, only to see its growth rate slow into the 1990s. New management (former Wendy's executive Joe Drury) joined the company as CEO in 2001 and an invigorated marketing campaign have seen the company grow substantially in recent years to over 400 locations [ [http://www.restaurantnewsresource.com/article31206.html "Bojangles' Celebrates 400th Restaurant", "Restaurant News"] , Feb 14, 2008] in 11 states, mostly in the American South (North Carolina, South Carolina, Georgia, Alabama, Florida, Tennessee, Virginia) and the Mid-Atlantic States of Pennsylvania, Maryland, New Jersey and New York. There are also international Bojangles' locations in Mexico and Honduras.

History

Jack Fulk sold the Bojangles' concept to the now defunct New York company, The Horn & Hardart Company, in 1981. Horn and Hardart had pioneered "fast food" in another era with the use of coin operated automats, the last of which was located on 42nd Street in New York City and was closed in the late 1980s. Horn and Hardart was a publicly held company and raised large amounts of capital for expansion of the Bojangles' chain using, among other sources, junk bonds pioneered by Michael Milken. Milken became a franchisee of Bojangles' in Texas as well. Although Horn and Hardart operated many high-volume, franchised Arby's and Burger King restaurants in New York City and in South Florida, and created several independent concepts, and acquired the west coast buffet chain, International Kings Table, the company's management became largely discredited after ongoing financial losses (During this era Forbes magazine published an article featuring Horn and Hardart chairman, Barry Florescue, entitled, "They Should Have Paid Him To Stay Home.")

During the time of Horn and Hardart's ownership the chain grew rapidly and expanded to 335 restaurants including 100 restaurants in Florida. Part of this growth was fueled by acquisitions including the Florida based "Biskits" chain. The conversion of the Biskits restaurants was unsuccessful and saddled the company with a large amount of new debt. Within the Bojangles' system there was extensive litigation with franchisees and others and the franchisee association threatened further large-scale litigation. Between 1985 and 1990 the chain rapidly contracted to 154 restaurants; all 100 restaurants in Florida were sold, many of them to Miami Subs. Several events brought about a modicum of stability in the late 1980s even while many of the company's largest markets were closed. When Hurricane Hugo struck the Carolinas, the company was able to open many of its restaurants while electricity remained off for more than a week in many areas. The massive amount of business sparked a turn-around in the company's sales that continued for many years. The company was stabilized under the leadership of CEO John Bifone, and a settlement was reached with the franchise association which had threatened the company.

In 1990, Horn and Hardart sold most of its interest to Sienna Partners and Interwest Partners, which were managed by a group of young California venture capitalists based in Silicon Valley. The company was then headed by former KFC executive, Dick Campbell. After modest investment in facilities, training and operations, the company began a slow and steady improvement that lasted throughout most of the 1990s. In 1994 the company attempted a public offering which collapsed before completion based upon a "softening" of the performance and over-expansion of company units and franchisee acquisitions. Dick Campbell was replaced by CEO Jim Peterson. Again the company stabilized and improved its performance, eventually selling to a group of investors headed by Joe Drury [ [http://www.greatercharlottebiz.com/article.asp?id=536 "Chicken Franchise Spreads Its Wings", "Greater Charlotte Biz"] , September, 2005] and financed by FMAC in 1998.

Bojangles' was purchased one more time in 2007 by Falfurrias Capital Partners [ [http://www.qsrmagazine.com/articles/news/story.phtml?id=5732 "Bojangles' Acquired", "QSR Magazine"] , Sept. 13, 2007] , a private equity firm. The investment group includes Hugh L. McColl Jr., founder and chairman of Falfurrias Capital Partners and former chairman and chief executive of Bank of America, and Jerry Richardson, founder and president of the NFL Carolina Panthers.

Notes

External links

* [http://www.bojangles.com Bojangles' Official website]