Boston Market started in the 1985 by Steven Kolow and Arthur Cores in Newton, Massachusetts, and is a chain of restaurants that offers 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 business has its headquarters in Golden, Colorado with George Michel as the Chief executive officer.
The growing success of the franchise fascinated many investors who had been constantly turned down by the founders. George Nadaff finally was able to convince his business partner to grow their store leading to a quick expansion creating a chain of successful franchises that increased their revenues. The shops were so successful that they even passed the anticipated income projections, doubling within one 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 with a total of 530 company owned restaurants in 28 different states in 2007. Becoming a home-style oriented restaurant, Boston Market introduced frozen menu products in every franchise for sale in supermarkets all over the US. There are also side dishes obtainable in over 700 supermarkets using the Boston Market name brand.
Rapid development of the franchise stores triggered the company’s financial mishap. The main contributors within the franchise were mostly management oriented with poor employee training, high operating expenses and its lending consumer demand. This made the market share fall by approximately $24 per be part of 1997. Slow service within the restaurants also made sales go down because it was no longer a preference in the customers. The organization began suffering huge losses of up to $312.6 million within the initial 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 plus it began 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 brand new lease of life and typically the chain of restaurants is apparently returning on its feet, but alternatively it will be able to experience rapid growth as before remains yet to be seen.
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