Famous Dave's of America, Inc.NASDAQ
Famous Dave's Of America: Still Not Bullish
Mon, Oct. 17, 5:33 AM
- In just one recent week alone, three restaurant companies filed for chapter 11 bankruptcy protection - Cosi (OTCPK:COSIQ), Rita Restaurant (Don Pablo), and Garden Fresh Corp. (Souplantation, Sweet Tomatoes). At least five other operators have done the same this year.
- Rattled by so many filings in such a short time frame, industry experts now say to expect more bankruptcies, closings, consolidations, and management shake-ups. Famous Dave's of America (NASDAQ:DAVE) is in the midst of closing many of its barbecue restaurants and last week named its fourth new CEO in four years.
- Late this summer, Ruby Tuesday (NYSE:RT) announced plans to close almost 100 locations, and Bob Evans (NASDAQ:BOBE) in April shuttered 27 restaurants on top of 20 closed last year.
- Behind the problems: Restaurant supply for years up until 2014 had been growing even as foot traffic hadn't. While restaurants have seen net closings since, other options have been drawing away even more customers - think meal-kit delivery services like Blue Apron, better prepared meal choices at supermarkets, and improved offerings at convenience stores.
- "Restaurants are competing against a lot of those other choices, not just restaurants,” Darden (NYSE:DRI) CEO Eugene Lee told investors earlier this month.
- Source: Julie Jargon and Lillian Rizzo at the WSJ
Thu, Oct. 13, 7:37 AM
- Famous Dave’s of America (NASDAQ:DAVE) names Michael Lister as the new CEO to replace Adam Wright.
- Wright has left the company and is no longer on the board.
- Lister is an accomplished restaurant industry executive with more than 35 years of experience, including a 19-year history with Famous Dave’s of America. He will also fill the COO role at the restaurant operator.
- Source: Press Release
Mon, Aug. 15, 5:34 PM
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Sun, Aug. 14, 5:35 PM
Mon, May 16, 4:09 PM
Sun, May 15, 5:35 PM
Mon, Apr. 11, 11:32 AM
- Famous Dave's (DAVE -2.8%) announces that it selected Dexter Newman to be the company's new CFO, effective immediately.
- Newman was hired away from Bloomin' Brands where he was a division CFO.
- Shares of Famous Dave's are down about 80% over the last 52 weeks.
- Now read Famous Dave's Is Still An Unmitigated Disaster
Wed, Feb. 24, 4:03 PM
- Famous Dave's of America (NASDAQ:DAVE): Q4 EPS of -$0.08 beats by $0.03.
- Revenue of $25.37M (-15.2% Y/Y) misses by $2.97M.
- Shares -2.28%.
Tue, Feb. 23, 5:35 PM
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Dec. 28, 2015, 9:40 AM
- Board member Adam Wright, who has been serving as Famous Dave's (DAVE) CEO since June (following the resignation of Ed Rensi), has been named the restaurant chain's permanent CEO.
- Wright: "I'm passionate about barbeque, and am eager to rebuild this company by focusing on our guests, collaborating with the franchisees, and improving our company culture. I look forward to continuing to work with the Board, Famous Dave Anderson, the franchise partners, and the dedicated team to drive long-term growth and per-share shareholder value."
- The news comes with Famous Dave's trading less than $0.50 above a 52-week low of $6.70.
Dec. 21, 2015, 7:36 AM
- Famous Dave's (NASDAQ:DAVE) announces the sale of all seven of its locations in Chicago to Windy City Restaurant Holdings.
- Windy City is controlled by Famous Dave's franchisee Elliot Baum.
- Financial terms of the deal weren't disclosed.
Nov. 4, 2015, 8:14 AM
- Famous Dave's of America (NASDAQ:DAVE): Q3 EPS of -$0.05 misses by $0.21.
- Revenue of $31.8M (-15.6% Y/Y) misses by $0.94M.
Nov. 3, 2015, 5:30 PM
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Oct. 13, 2015, 3:15 PM
- Famous Dave's of America (DAVE +0.1%) announces it will partner with Tablez Food Company to open is first stores outside of North America.
- The agreement covers four stores in United Arab Emirates, with the first in Abu Dhabi expected to be opened in 2016.
- The Famous Dave's brand has lost some sizzle in the U.S. Last quarter, comparable-store sales at company-owned locations fell 9.2% (includes a few stores in Canada and Puerto Rico).
Aug. 5, 2015, 10:15 AM
- Famous Dave's of America's (DAVE -7.7%) hires Abe Ruiz to be the company's new COO.
- Ruiz held the same position at Colon Gerena Restaurant Group
- Shares of Famous Dave's are slumping today after Q2 earnings came in short of estimates.
- Previously: Famous Dave's of America misses by $0.08, misses on revenue