Einstein Bros.(R) Bagels Announces Signing Of Franchise Development Agreement
Aggressive Expansion through Franchising Continues with Plans to Open Four Restaurants in Four Years throughout Greene and Christian Counties
July 14, 2010 // Franchising.com // SPRINGFIELD, Mo. – Einstein Noah Restaurant Group, Inc. (NASDAQ:BAGL) is pleased to announce the signing of a multi-unit development deal with RT Development, LLC of Springfield, Mo., to franchise Einstein Bros. Bagels restaurants and continue to expand the popular brand.
RT Development, LLC's franchise agreement continues Einstein Bros. Bagels' strategy of expansion through increased franchising with growth-minded business partners who are attracted to the Einstein Bros. business model.
Based in Springfield, RT Development, LLC plans to open four Einstein Bros. Bagels restaurants within the next four years throughout Greene and Christian Counties. The first location is scheduled to open July 13, 2010, at the heavily trafficked intersection of Lakota Street and National Avenue (1933 S. National Avenue), located across the street from St. John's Regional Health Center. In addition to offering the brand's world famous freshly baked bagels, freshly prepared breakfast and lunch sandwiches and beverage options, the new restaurant will serve coffee and espresso from its barista station.
"The craveable food and comfortable atmosphere of the Einstein Bros. Bagels brand fit in well with the neighborhood," said Rita Baron, co-owner of RT Development, LLC. "I look forward to bringing its neighborhood-friendly atmosphere and combination of great tasting fresh menu items made from high-quality ingredients and distinctive quick-casual service to local residents and the nearby workforce."
A longtime Springfield resident, Baron recently expanded her business interests to include restaurant ownership with Einstein Bros. Bagels after a successful career in architectural design. Most recently she served as principal of Baron Design & Associates, LLC, an established architectural firm in Springfield.
Baron co-owns the restaurant with business partner Terry Reynolds, who is a 50-year native of Springfield and manages commercial property and real estate throughout the area. Baron and Reynolds' managing partners are Jay Hickman and Paul Sundy, who co-own a pair of Parlor Eighty-Eight restaurant lounges with Baron, bringing several years of restaurant ownership experience to the business.
As the franchised restaurants open their doors, local Springfield area communities will be able to fill their breakfast, lunch and snack cravings with Einstein Bros. Bagels' menu, featuring award-winning freshly baked bagels and shmear varieties, made-to-order breakfast and lunch sandwiches, Darn Good Coffeeâ and specialty coffee drinks, hearty soups, fresh innovative salads, baked goods and decadent desserts.
"This new franchise agreement confirms that demand for our brand is building," said Jeff O'Neill, chief executive officer of Einstein Noah Restaurant Group. "We want to be the fastest growing fast-casual restaurant chain in America, and we are accelerating growth by increasing our focus on expansion through franchising."
As of June 2010, the company has signed 19 multi-unit franchise agreements, which, when fully developed, represent a total of 81 additional stores. The first two franchise locations opened in Jacksonville, Fla., and Rogers, Ark., in 2008. This year, plans call for 12 to16 additional franchise locations to open.
"RT Development LLC are very astute entrepreneurs," said O'Neill. "Executing our aggressive growth phase with franchise partners of their caliber is a sign that we are attracting high-quality investors. We are very excited to have them join the Einstein Bros. Bagels family."
About Einstein Noah Restaurant Group
Einstein Noah Restaurant Group, Inc. is a leading company in the quick-casual restaurant industry that operates and licenses locations primarily under the Einstein Bros. and Noah's New York Bagels brands and primarily franchises locations under the Manhattan Bagel brand. The company's retail system consists of approximately 600 restaurants in 36 states and the District of Columbia. It also operates a dough production facility. The company's stock is traded on the NASDAQ under the symbol BAGL.
Forward looking statements
Certain statements in this press release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "estimate," "project," "plan to," "is designed to," "expectations," "intend," "indications," "expect," "should," "would," "believe," "target," "trend," "will be able," "is going to be," "is scheduled to," "will play" and similar expressions and all statements which are not historical facts are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the actual results or achievements to differ from those expressed or implied by such forward-looking statements. These factors include but are not limited to the following: the ability of Pegasus Properties of East Tennessee to build, open and successfully run Einstein Bros. locations is dependent upon, among other factors, its ability to find suitable locations, reach acceptable lease terms, obtain acceptable financing, have adequate capital, find acceptable contractors, obtain licenses and permits, locate and train staff appropriately and properly manage the new restaurants. These and other risks are more fully discussed in the Company's SEC filings.
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