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Quaker Steak Signs Deal for Restaurants in South
SHARON, Pa. -- Quaker Steak & Lube has signed an area development agreement with I-10 Hospitality LLC to develop seven restaurants across the Interstate-10 corridor in the South.
I-10 Hospitality, based in Louisiana, plans to open Quaker Steak & Lube restaurants in Beaumont-Port Arthur, Texas; Lake Charles, Lafayette, Baton Rouge and New Orleans, La.; Biloxi-Gulfport, Miss.; Mobile, Ala.. and Pensacola, Fla. over the next five years.
"Lube Nation is about to get a whole lot bigger," said John Longstreet, president and CEO of Quaker Steak. "Our growth this year is a true testament to our area developers, like the I-10 Hospitality group, and we look forward to continued success with them on board."
The first restaurant is projected to open early next year 2014, with the remainder through 2018. I-10 Hospitality was formed by business partners Geno Iafrate and Keith Portie.
Quaker Steak experienced significant growth in 2012 with 11 restaurant openings, a 22% increase from 2011 and a 13% increase in systemwide revenues. The company has more than 60 restaurants across 18 states and Canada, Longstreet said.
Published by The Business Journal, Youngstown, Ohio.
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