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Tag: California Pizza Kitchen

  • California Pizza Kitchen opens new outlets in Manila and Daegu

    California Pizza Kitchen opens new outlets in Manila and Daegu

    The openings in Salt Lake City, Manila, and Daegu, South Korea, mark the beginning of CPK’s emergence from Chapter 11 bankruptcy. Los Angeles-based California Pizza Kitchen (CPK) has opened new franchise locations in Salt Lake City as well as Manila, Philippines, and Daegu, South Korea, as it begins to emerge from its Chapter 11 restructuring process, the company announced.

    CPK is planning three additional new international locations that are already under construction.

    CPK announced in July that it had filed for Chapter 11 protection and had entered into a restructuring support agreement with lenders to equitize most of its long-term debt.

    The new stores are located at the Salt Lake City Airport; the Evia Mall in Manila; and the Daegu Mall in Daegu. The Manila restaurant will be CPK’s fifth location in the Philippines, while the Daegu store is the seventh in South Korea. According to a CPK press release, the openings offer “evidence of the company’s strategic expansion in growing markets and its business and financial health.”

    “This has been truly an unprecedented year due to COVID-19 headwinds, but these openings and future construction highlight the confidence we and our partners have in the strength of the brand and its restructuring plan,” said Giorgio Minardi, CPK’s executive vice president of global development and franchise operations.

    The new Philippines location opened at the Evia Mall after government officials eased COVID-19 lockdown restrictions. All new restaurants will implement rigorous cleaning and safety measures, the press release said.

    “We’re very proud to partner with Pie Co., Seoulland, and HMSHost and expand our franchise relationships in these three CPK markets,” Minardi said. “It takes a lot of trust, passion, and strength during these times to make such an investment, and these openings are a clear indication of that commitment.”

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  • Thai Union takes bite of Red Lobster

    Thai Union takes bite of Red Lobster

    Seafood producer Thai Union has made a US$575 million strategic investment in US seafood restaurant company Red Lobster.

    Golden Gate Capital retains its majority shareholding in Red Lobster.

    Thai Union is regarded as the world’s largest producer of shelf-stable tuna products with annual sales exceeding THB 125 billion (US$ 3.7 billion) and a global workforce of more than 46,000 people. It says it has taken a 25 per cent interest in the restaurant chain, with the option to acquire an extra 24 per cent through the conversion of preferred shares.

    “Red Lobster is an iconic brand, with a leading market position in seafood casual dining and a world-class management team, and has delivered strong performance since Golden Gate acquired it in 2014,” says Thai Union Group CEO Thiraphong Chansiri.

    “This investment marks a strategic step to build Thai Union’s direct-to-consumer channel, and will enable us to benefit from the extensive restaurant industry expertise of both the Red Lobster management team and Golden Gate.”

    He says Thai Union has worked closely with Red Lobster for more than two decades.

    With 40 years’ industry experience, Thai Union has expanded its product lineup to include lobster, shrimp, sardines, mackerel, tuna, salmon and crab. Its brands include Chicken of the Sea, John West, King Oscar and Petit Navire, and it has production units in 12 countries.

    JP Morgan acted as exclusive financial adviser to Thai Union for the investment.

    Headquartered in Orlando, Florida, Red Lobster claims to be the world’s largest seafood restaurant company. As a private company owned by Golden Gate Capital, Red Lobster has 58,000 employees in more than 700 restaurants in the US and Canada, with a growing international footprint.

    Golden Gate Capital is a San Francisco-based private-equity investment firm with more than $15 billion of capital under management. In addition to Red Lobster, investments sponsored by Golden Gate Capital include California Pizza Kitchen, Pacific Sunwear, Payless ShoeSource and Zales.