TL;DR
FAT Brands CEO Andy Wiederhorn says the company is poised for growth in 2018 despite reporting a net loss of $613,000 in 2017. The company formed in March 2017 and achieved its goals of acquiring key brands and completing an IPO by the end of the year.
Fast Casual reports that FAT Brands Inc. is touting positive growth projections for 2018. The parent company of Fatburger and Buffalo’s Express reported a net loss of $613,000, translating to $0.07 per share in 2017, but Andy Wiederhorn, the brand’s president and CEO, said on Tuesday that last year was a successful one for the holding company.
FAT Brands was formed in March of 2017 as a subsidiary of Fog Cutter Capital Group Inc. with the purpose of acquiring key brands, including previous subsidiaries of FCCG, and completing an IPO, all of which FAT Brands achieved by the end of 2017.
In a press release for FAT Brands, Wiederhorn said “Not only did we form the company, but we successfully completed an IPO, acquired the Ponderosa and Bonanza Steakhouse brands, and signed a definitive agreement to purchase Hurricane Grill & Wings Hurricane. Our company's foundation is strong, our platform is highly scalable and FAT Brands is poised for growth.”
In this story
This story was originally published in 1851 Franchise on March 28, 2018. Burnaze summarizes and links to the original reporting.
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