5 Quaker Steak Restaurants Change Ownership
SHARON, Pa. -- Quaker Steak & Lube has acquired five restaurants in North Carolina, Indiana and Virginia. These locations, previously owned by 3G Management, are corporated owned and operated as of Dec. 12, John Longstreet, CEO, has announced. These restaurants, previously owned and managed by 3G Management, are corporate-owned.
“We are looking to have a stronger corporate presence in these key markets. This represents an important step forward for our brand as we continue with our national expansion plans,” Longstreet said in a prepared statement. “This will allow us the opportunity to impact overall brand performance in same store sales.”
Quaker Steak, founded in 1974, experienced significant growth in 2012 with eight restaurant openings, a 15% increase from the previous year and a 10% increase in system-wide revenues. The company has more than 60 locations across 20 states and Canada.
Published by The Business Journal, Youngstown, Ohio.
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