GOLDEN, Colo. - April 24, 2013 - (BUSINESS WIRE) - Good Times Restaurants Inc. (NASDAQ: GTIM) today announced that it has hired Scott Somes to be Chief Operating Officer of Bad Daddy’s Franchise Development LLC, the franchisor of Bad Daddy’s Burger Bar restaurants which is 48% owned by the Company, and Mike Maloney to be Director of Operations for Bad Daddy’s Colorado, a wholly owned subsidiary of the Company.
Scott Somes is the former Chief Operating Officer of Lone Star Steakhouse, having grown it from inception to over 250 restaurants and former Regional Vice President for Pizza Hut-Coulter Enterprises. Mike Maloney has operated his own restaurant in Lexington, Kentucky and has served in executive and operational positions with Jimmy John’s Gourmet Subs, Paragon Steakhouse Restaurants and Lone Star Steakhouse. Both Somes and Maloney worked with Dennis Thompson, the founder of Lone Star and one of the founders of Bad Daddy’s, while rapidly growing the Lone Star Steakhouse chain.
“We are thrilled to have Scott and Mike on board to help us grow Bad Daddy’s Burger Bar,” said Boyd Hoback, President & CEO of Good Times. “They both bring a wealth of experience in developing a top notch management team, rapidly growing a system of full service restaurants and they have a prior relationship of mutual respect with Dennis Thompson, one of the co-founders of Bad Daddy’s. In our role managing Bad Daddy’s Franchise Development LLC we will be able to leverage our operating systems and processes and our existing overhead infrastructure while having Scott and Mike lead the development of a new operations team for Bad Daddy’s franchise growth and our development in Colorado.”
On April 15, 2013, the Company announced it has entered into a series of agreements to develop Bad Daddy’s Burger Bar restaurants through a wholly-owned subsidiary, its 48% ownership of Bad Daddy’s Franchise Development LLC and certain other rights. Hoback added, “Frank Scibelli is the other co-founder of Bad Daddy’s and has created a vibrant concept with innovative and outstanding food. We plan to partner with him and his team’s creativity and culinary talent utilizing Scott & Mike to drive great execution and profitability as we develop a platform for franchise growth.”
Bad Daddy’s Burger Bar is a full service, upscale, “small box” restaurant featuring a chef driven menu of gourmet burgers, chopped salads, appetizers and sandwiches with a full bar and a focus on a selection of craft microbrew beers in a high energy atmosphere. There are four restaurants open in North Carolina and a fifth in the Charlotte airport operated by HMS Host. There are three additional restaurants in development.
Good Times is a regional chain of quick service restaurants located primarily in Colorado providing a menu of high quality all natural hamburgers, 100% all natural tenderloin chicken sandwiches, fresh frozen custard, fresh cut fries, fresh lemonades and other unique offerings. Good Times currently operates and franchises 39 restaurants.
This press release contains forward looking statements within the meaning of federal securities laws. The words “intend,” “may,” “believe,” “will,” “should,” “anticipate,” “expect,” “seek” and similar expressions are intended to identify forward looking statements. These statements involve known and unknown risks, which may cause Good Times’ actual results to differ materially from results expressed or implied by the forward looking statements. These risks include such factors as the uncertain nature of current restaurant development plans and the ability to implement those plans, delays in developing and opening new restaurants because of weather, local permitting or other reasons, increased competition, cost increases or shortages in raw food products, and other matters discussed under the “Risk Factors” section of Good Times’ Annual Report on Form 10-K for the fiscal year ended September 30, 2012 filed with the SEC. Although Good Times may from time to time voluntarily update its forward looking statements, it disclaims any commitment to do so except as required by securities laws.
Boyd E. Hoback
President and CEO