Quiznos Ignites Company, Economic Growth Through New Store Openings
Nationwide Store Openings to Energize Economy, Create More Than 7,500 Jobs
DENVER --(BUSINESS WIRE)-- Quiznos, one of the nation's premier quick service restaurant chains and pioneer of the toasted sandwich, today announced a growth initiative to develop up to 600 new stores nationwide by the end of 2010. The planned expansion will create more than 7,500 new jobs, fueling market-level economic growth in communities nationwide.
The new Quiznos locations will include both corporate-owned stores as well as Quiznos-funded joint venture ownership opportunities for qualified entrepreneurs. The Quiznos-owned locations represent a departure from the company's traditional franchise model.
"At Quiznos, we have a world-class business model and our belief in that model is so strong we want to increase our corporate profitability by investing in these corporate-owned stores," said Rick Schaden, Quiznos' founder and CEO. "Establishing a stronger presence of Quiznos-owned stores also allows us to more closely align with our franchise owners, identifying and advancing best practices at the store level to elevate our brand's operations overall."
Quiznos recently recapitalized and restructured its existing debt and equity structure in order to fund expansion and facilitate greater flexibility for growth. By doing so, Quiznos is able to dedicate its own capital to the new store openings and invest in this positive growth momentum.
"Quiznos has the solid financial position to accelerate and enable tremendous growth," said Bill Flaherty, chief development officer for Quiznos. "This initiative will have a direct effect not only on Quiznos' growth, but on that of job creation in communities where we seek to engage with more than 7,500 growth-minded and experienced general, district and regional managers and in-store team members."
In addition to new store development, Quiznos is actively investing in its brand – refreshing its brand identity, renovating in-store design, increasing its value proposition for budget-conscious customers, introducing green packaging and practices for more sustainable operations, and enhancing its menu for even broader customer appeal.
The combination of these brand enhancements and in-store renovation has effected a measurable impact on same-store sales in more than 1,100 renovated units thus far, and the company plans to renovate an additional 2,000 locations within the next 12 months.
"Quiznos is on the move with the spark and energy of growth and entrepreneurialism, and we appreciate our customers for their enthusiastic response," said Schaden. "As the economy continues to stabilize and strengthen, we are in a position to ignite real growth for our brand, for our shareholders and for the entire Quiznos community."
Now in its 30th year, Denver-based Quiznos is a national chain designed for today's busy consumers who are looking for a tasty, freshly prepared alternative to traditional fast-food restaurants. Using only premium ingredients, Quiznos' more than 4,000 restaurants offer creative, chef-inspired recipes for sandwiches, soups and salads.
CNN Money ranked toasty sub pioneer Quiznos as the No. 2 most popular franchise of the past decade in 2010. In 2009, Quiznos' Toasty Torpedoes earned a spot as one of the top 10 new product introductions from the Most Memorable New Product Launch Survey. Also in 2009, QSR Magazine ranked Quiznos No. 19 overall in its Top 50 Chains in system-wide sales. In October 2007, Quiznos was recognized for leading the QSR industry in wait time performance by the Mystery Shopping Providers Association's (MSPA) 2007 Wait Time Study. In May 2007, Zagat's consumer surveys listed Quiznos in the top 5 for Top Food, Top Facilities, Top Service and Top Overall, ahead of its direct competitors.