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Forbes
a day ago
- Business
- Forbes
Why Private Equity Is Coming For Casual Dining
Arlington Heights, IL, USA - August 14, 2024: Olive Garden is a popular American casual dining ... More restaurant chain specializing in Italian-American cuisine. You can't charge $18 for a mediocre burger anymore and expect to survive, especially with private equity circling. The era of casual dining has come to an end. Nostalgia isn't enough to keep the doors open, and the cracks are turning into collapses. TGI Fridays just filed for bankruptcy. Jack in the Box is flailing. Others are quietly shrinking, stuck between rising costs, outdated models, and changing consumer expectations. To most, it looks like an industry in terminal decline. However, investors who are paying attention perceive a sector that is poised for transformation. Behind the failing units and flatlined comps lie brands with real equity, untapped assets, and inefficient structures screaming for reinvention. For private equity, activist investors, and special situation specialists, this isn't a graveyard, it's a treasure map. The restaurant industry is being repriced. And those who know how to restructure from the inside out are already sharpening their knives. Restaurant chains can be highly profitable when managed with discipline. Many operate on asset-light, franchise-heavy models that throw off steady income with minimal capital intensity. Others sit on under-monetized real estate or legacy leases that, if unlocked, can reshape the balance sheet. And while their operations may be stale, their brand equity still carries psychological weight with consumers. That's a dream set up for private equity and special situation investors. Why? The sector is overflowing with fragmentation, inefficiency, and strategic bloat, which are the very traits that smart capital seeks when hunting for mispriced opportunities. Most public restaurant chains today are overly complex, mismanaged, or stuck in a strategic identity crisis. The stock prices reflect that. But behind the scenes, there's real potential not for a revival of the old model, but for a reinvention of what these businesses could be with the right financial structure and operational reset. The gap between public market valuations and private market potential is again widening, and for those with the tools to execute it, the upside is being served right now. Our previous idea with the Cheesecake Factory was a winner. Once a cornerstone of American casual dining, TGI Fridays now faces bankruptcy. Private ownership wasn't enough to save it. Why? The reasons include a stale concept, slow innovation, and operational complacency. The brand didn't evolve, and the market moved on. Jack in the Box isn't faring much better. Despite decades of existence, Jack in the Box's sales remain stagnant, its strategy appears confused, and investors are becoming increasingly uneasy. The problem extends beyond performance; it also involves a vacuum in leadership and identity. Then there's Red Lobster. Red Lobster's recent bankruptcy serves as a prime example of financial engineering gone wrong. But look closer: it still has name recognition, real estate value, and a loyal customer base. Mismanagement, not irrelevance, sank the ship. The pattern is clear. These aren't businesses that failed because dining is dead. Leadership stagnated, complexity escalated, and there was no accountability. None of these collapses were inevitable. With aligned incentives and operational clarity, many of these names could have been restructured, not written off. A view of TGI Fridays on the New Mersey Retail Park, in Speke, Liverpool, one of 35 of the chains ... More restaurants to close with immediate affect with the loss of 1,000 jobs. TGI Fridays will remain on UK high streets following a rescue deal for the chain. Breal Capital and Calveton UK have acquired 51 restaurants after the group's previous operator fell into administration. Picture date: Monday October 7, 2024. (Photo by Peter Byrne/PA Images via Getty Images) Red Lobster's recent bankruptcy serves as a prime example of not wanting things to be flawless. They seek undervalued assets, scalable operations, and straightforward revenue streams. The restaurant industry currently possesses all three of these characteristics. Many of these chains still have strong brand awareness, large franchise networks, and even hidden real estate value. However, high costs, outdated menus, and unclear strategic priorities conceal these strengths. A typical playbook shows the same problems: inadequate capital allocation, too many buybacks while innovation slows down, and franchising plans that aren't consistent or scalable. The chance? You don't have to come up with a new way to do things. You merely need to clean up the model, make operations more efficient, and put growth ahead of financial engineering. That includes changing the prices on the menu to match what customers want and to show how much money the business can really make with better management. This is not a consumer collapse, which is beneficial. The restaurant industry currently possesses all three of these characteristics. desire a clear, high-quality experience. Brands that simplify their operations, maintain focus, and deliver quality services will succeed in the future. They should refrain from trying to cater to everyone's needs. In summary, the restaurant business remains intact. It just needs someone with the willpower to fix it. Ottawa, Canada - May 12, 2024: Red Lobster location on Merivale Rd. The casual dining restaurant ... More chain, headquartered in Orlando, Florida, announced in April that it was searching for a new buyer or a possible bankruptcy filing. 1. Stale Stock Price With Strong Brand Recognition → A lagging share price doesn't mean the brand is dead. If it still resonates with consumers, there's room for a strategic reset. 2. Franchise-Focused Model That's Mismanaged → Franchises generate recurring, high-margin cash flows. Poor oversight or inconsistent execution is a fixable flaw—one activist's love. 3. Insider Ownership Trends Or Quiet Accumulation → Watch for insider buying or outside investors quietly building a position. It often signals someone sees untapped value. 4. Declining Same-Store Sales Without Structural Decline → A short-term sales dip is a red flag—but only if it's a trend. If the concept still works, operational fixes can drive a rebound. 5. Inefficient Capital Allocation Or Corporate Bloat → If cash is flowing into buybacks or debt service instead of innovation, it's an open invitation for change. Even across the Atlantic, activist investor Irenic Capital has taken a 2% stake in SSP Group, the operator of Upper Crust and other travel food outlets. The hedge fund is pressuring management to improve margins, suggesting the stock could be worth twice its current valuation. The move sets the stage for a potential private equity takeover, echoing a broader trend: undervalued consumer-facing brands with operational inefficiencies are now prime targets for strategic resets. The market hasn't fully considered the value of many of these struggling restaurant brands yet. But that window won't stay open for long. When private equity and activist investors start circling again, multiples will change, and the chance to buy before restructuring starts will go away rapidly. Smart investors are already looking for inefficiencies, poorly allocated cash, too many layers in a company, and assets that aren't being used to their full potential. Only the most disciplined or forward-thinking capital will respond quickly when interest rates are high. Everyone else will be late and must pay more for something they could have had for less. What will happen to the businesses that refuse to change? They won't simply vanish; instead, they'll undergo dismantling, sale, or render useless. This sector is already starting to change shape. The only question to consider is who will enter the market early enough to take advantage of it?
Associated Press
10-06-2025
- General
- Associated Press
Volunteers Donate More Than 10,000 Hours at Lutheran Home: Community Invited to Celebrate at Summer Auxiliary Sale on June 20
ARLINGTON HEIGHTS, Ill., June 10, 2025 (SEND2PRESS NEWSWIRE) — In a powerful display of generosity and community spirit, the Lutheran Home in Arlington Heights is honoring a remarkable milestone: More than 10,310 hours of volunteer service were logged between April 1, 2024, and April 1, 2025. These contributions reflect the deep commitment of individuals from across the region who dedicate their time and talents to support residents and staff at this long-standing senior living community. To celebrate this extraordinary achievement, Lutheran Home is hosting its Summer Auxiliary Sale on Friday, June 20, an event open to the public that helps fund essential programs for residents and celebrates the volunteers who make them possible. Volunteers at Lutheran Home perform a wide range of roles, many of them behind the scenes, but all crucial to the well-being of the community's residents. Their impact extends from spiritual care and emotional support to daily logistics and vocational mentoring. Lutheran Home also benefits from volunteers who form one-on-one relationships with residents, offering companionship and emotional connection, especially valuable for those without nearby family. Some serve as Ministers of Care, visiting twice weekly to distribute Catholic communion to residents. Others offer pastoral clerical support, welcoming new residents with information about spiritual services or assisting with preparing and printing weekly worship bulletins. Volunteer transport teams help bring residents to and from Wednesday and Sunday services, and even some residents themselves contribute as Sunday readers, helping foster a sense of spiritual community. In addition, activity volunteers support everything from games and weekly events to escorting residents to clinics or the on-site beauty salon. Volunteers also staff the General Store, keeping it open from 10:00 a.m. to 2:00 p.m. daily. Building Skills and Purpose with District 214 A particularly inspiring aspect of the volunteer program involves transitional students from High School District 214. These young adults, who have special needs and are between graduation and age 21, participate in a vocational readiness initiative. At Lutheran Home, they develop workplace skills by helping with laundry, mail sorting, table bussing, wheelchair washing and assembling admission packets. 'This is more than just a service—it's a meaningful training experience that sets these students up for future success,' said Jennifer Darnell, VP of Sales & Marketing at Lutheran Life Communities. An Invitation to Celebrate The Summer Auxiliary Sale on June 20 is not just a fundraiser—it's a celebration of kindness, dedication and community. Shoppers will find seasonal treasures, with all proceeds supporting Lutheran Home's Benevolent Care Program, which assists residents who exhaust their financial resources through no fault of their own. 'We are overwhelmed with gratitude for the individuals who walk through our doors every week, donating their time out of love and a deep sense of purpose,' said Barbara Morton, PhD, president of the Lutheran Home Auxiliary. 'The Summer Auxiliary Sale is our way of honoring their incredible spirit and welcoming the community to be part of something truly special.' About Lutheran Home Lutheran Home is part of Lutheran Life Communities, a faith-based 501(c)(3) not-for-profit organization founded over 130 years ago that supports Arlington Heights with a full spectrum of care and services. Recognized on Newsweek 's America's Best Nursing Homes 2025 list, they offer assisted living, memory care, skilled nursing, an adult day club, inpatient and outpatient rehab, home care services, move management services and Shepherd's Flock Child Care and Preschool and Jenny's Bistro, which is open to the public and serves gourmet food and beverages. Lutheran Home invests in a full, robust continuum of care that can address early dementia and mild cognitive impairment with stage-form care supportive services and residential solutions like MyTapestry memory support. The memory support programming extends through end of life with care provided by a care team trained in dementia. It's Grace-Filled living. For more information, visit . NEWS SOURCE: Lutheran Life Communities Keywords: Illinois Business, Lutheran Home in Arlington Heights, senior living community, continuum of care that can address early dementia and mild cognitive impairment with stage-form care, ARLINGTON HEIGHTS, Ill. This press release was issued on behalf of the news source (Lutheran Life Communities) who is solely responsibile for its accuracy, by Send2Press® Newswire . Information is believed accurate but not guaranteed. Story ID: S2P126840 APNF0325A To view the original version, visit: © 2025 Send2Press® Newswire, a press release distribution service, Calif., USA. RIGHTS GRANTED FOR REPRODUCTION IN WHOLE OR IN PART BY ANY LEGITIMATE MEDIA OUTLET - SUCH AS NEWSPAPER, BROADCAST OR TRADE PERIODICAL. MAY NOT BE USED ON ANY NON-MEDIA WEBSITE PROMOTING PR OR MARKETING SERVICES OR CONTENT DEVELOPMENT. Disclaimer: This press release content was not created by nor issued by the Associated Press (AP). Content below is unrelated to this news story.
Forbes
02-06-2025
- Business
- Forbes
Bears' Push For Stadium Funding On Hold Until November
Audience members listen as representatives from the Chicago Bears present their concept for building ... More a stadium and entertainment district on the site of Arlington International Racecourse during an informational public meeting at Hersey High School in Arlington Heights, Illinois, on Sept. 8, 2022. (Chris Sweda/Chicago Tribune/Tribune News Service via Getty Images) For the second session in a row, the Illinois legislature adjourned without bringing the Bears' request for stadium funding to the floor for consideration. After spending some of 2023 and most of '24 seeking help in constructing a state-of-the-art facility on the banks of Lake Michigan, adjacent to Soldier Field, the Bears shifted their focus to land they own in Arlington Heights, in Chicago's northwest suburbs. The 326-acre site had been home to the Arlington (Park) Racecourse, which for years hosted the Arlington Million race. It appears in many ways an ideal location for a retractable roof stadium capable of hosting Super Bowls and non-football events like the Final Four. But the team's first choice was to stay in the city, with mayor Brandon Johnson and other Chicago politicians trying to put together public financing to help the team on the project. Continuing opposition led to a recent pivot to Arlington Heights in the winter. Team president Kevin Warren confirmed that to reporters during the NFL meetings in May. The franchise, which recently was formally transferred from the late Virginia McCaskey to son George McCaskey and her other heirs, has said it will build the $2 billion stadium with its money and a grant from the NFL but is seeking about $2.4 billion in public funding for both new debt and upgrades to infrastructure (mainly roads and the nearby Metra train station, a vital link to bring fans from downtown). Warren has said he believes the issue can be addressed in time for construction to begin before the end of 2025. But the public shift in preference from a downtown stadium to one in the suburbs apparently happened too late for the measure to even be formally debated by the legislature. 'I don't know who works with the Bears on their timing, but I would say they've mastered the art of bad timing,' state Sen. Robert Peters told the Chicago Tribune in May. 'I wish they could master the art of having a good team instead of doing this.' The spring session ended on Sunday, after approving a $55.2 billion budget submitted by Gov. JB Pritzker. State legislators will return to Springfield, Ill., in the fall. 'We were super close and just ran out of time,' Rep. Mary Beth Canty, who represents Arlington Heights, told the Tribune. 'We're going to keep working all through the summer.' Pritzker has said his preference is for the team to remain downtown but has publicly remained opposed to state funding. The size of the state's budget has grown by about 38 percent since he took office without any new construction on sports facilities. Chicago White Sox owner Jerry Reinsdorf is also seeking funding to build a new stadium. His effort to move the team to a location in the South Loop appears stalled. One new element of the Bears' situation is how the Chicago faction in the legislature is openly working against the team's move to the suburbs. 'The Bears have made it clear — they no longer want to be in Chicago,' Rep. Kam Buckner told the Tribune. 'That's their decision. But if they want to leave and use state dollars or ask for special tax protections to do it, they'll have to come through Springfield. And in Springfield, that means facing the Chicago delegation directly.' While no motions specifically addressing stadium funding were filed in the spring session, others involving taxing districts on so-called mega-projects, were introduced but did not come to a vote. The Bears successfully negotiated tax rates with village officials in Arlington Heights but are seeking assurances those rates won't be heavily adjusted in future years. The Bears have played in Chicago since moving from Decatur, Ill., in the early 1920s. The team has never owned its stadium, playing mostly at Wrigley Field and Soldier Field. The lease on Soldier Field runs through 2033 but includes an agreement for the team to pay a penalty if it leaves earlier, with that fee decreasing annually until expiration. The Bears agreed to purchase the Arlington Park horse track site from the Churchill Downs group in 2022 and closed on the $197.2-million deal in February, 2023. But the focused shifted back to downtown after Warren was hired away from his position as Big Ten commissioner later in '23. He orchestrated the Minnesota Vikings' downtown stadium project while working as their chief administrative (and later operating) officer in 2005-19. The Bears' proposed downtown stadium came with an estimated cost of $3.2 billion when it was announced in April, 2024. The Bears offered to pay $2 billion, including an NFL grant, leaving public funding responsible for $1.2 million in construction costs in addition to infrastructure improvements. Soldier Field was remodeled through public financing in 2002. The Illinois Sports Facility Authority still owes almost $600 million in principal and interest for that project. The Illinois General Assembly's fall session typically occurs in November, with its primary charge being the consideration of the governor's vetoes of bills from the regular session. The Bears may seek to add a special session to consider stadium funding rather than waiting until the 2026 regular session convenes in January. Bears' lobbyists, including a former Pritzker aide, have been quietly meeting with Prizker's staff and an outside advisor in recent months. The state hired Steve Argeris, a New York- and Washington, D.C.-based lawyer, as part of its due diligence on the stadium effort, according to the Chicago Tribune. Argeris previously worked for the owners of the NFL's Carolina Panthers. His participation is a sign the state is gathering information and may be moving closer to formally considering funding measures.
Yahoo
02-06-2025
- Business
- Yahoo
Chicago Bears' stadium efforts run out of time in Springfield but suburban lawmaker says deal was close and talks will continue
SPRINGFIELD — While the Illinois General Assembly didn't end up passing legislation this session that helped or hurt the Chicago Bears' stadium efforts, one suburban lawmaker said the legislature got close to a deal on property tax legislation — a measure widely seen as a way to ease a team move to Arlington Heights. 'We were super close and just ran out of time,' state Rep. Mary Beth Canty, a Democrat who represents the northwest suburb and surrounding areas, said Sunday. The team in mid-May announced it was shifting its focus away from building a new lakefront stadium in Chicago to Arlington Heights, where it purchased the former Arlington International Racecourse property two years ago. Though the spring legislative session ended as the calendar turned to June on Saturday night, legislators will likely get another chance to pass legislation in the fall. Still, state Rep. Kam Buckner pushed back on the idea that any agreement was close, as no deal was ever actually introduced in the legislature. 'The Bears have made it clear — they no longer want to be in Chicago. That's their decision,' Buckner, a Chicago Democrat whose district includes Soldier Field, said in a text message Sunday. 'But if they want to leave and use state dollars or ask for special tax protections to do it, they'll have to come through Springfield. And in Springfield, that means facing the Chicago delegation directly.' Lawmakers this session introduced multiple bills proposing changes to state laws that would better enable so-called megaprojects, like a new Bears stadium, to be built. But compromise language that received some support was never introduced, Canty acknowledged. The potential changes would give local control to taxing districts statewide, and not simply be a boost to the Bears' prospects of moving to a specific suburb, she said. 'We're going to keep working all through the summer. I don't like to jinx anything and I also don't like to predict what — where everybody will be' by the fall veto session, Canty said, referring to the next time lawmakers are expected to consider bills. A Bears spokesperson on Sunday reiterated the team's statement that it has made progress with the leaders in Arlington Heights. The dream of a new domed stadium in Chicago has faced enormous headwinds in Springfield since the Bears unveiled a proposal last year asking the state to take on $900 million in new debt and spend $1.5 billion on infrastructure improvements. The franchise likely has a smoother path to move to Arlington Heights, but one of the holdups there was a dispute with the village and local school districts over property taxes. Language discussed behind closed doors in the waning days of session would have allowed 'a weighted vote' of all local taxing bodies to set a property tax payment amount for development projects, while also implementing guardrails from the state on issues like the length of time the agreements could last, Canty said. Gov. JB Pritzker has made clear that while he personally would like to see the Bears stay in Chicago, he is skeptical of providing taxpayer funds to help a private business build a new stadium. Buckner said members of the Chicago delegation in both the House and Senate were 'all very vigilant in the last days of session, expecting the Bears to try to sneak language through the legislature.' 'I don't care how many other lawmakers they talk to — there will be no chicanery, no shortcuts, and no sidestepping the people of Chicago,' he wrote. Asked on Sunday about the prospects for legislation benefiting the Bears, Pritzker said he generally supported options like STAR bonds, a mechanism for local governments to finance big projects, though he emphasized that idea was not specific to the Bears. The discussion on STAR bonds was separate from the megaprojects proposal discussed in the final days of session, Canty said. Tribune reporter Jeremy Gorner contributed.
Associated Press
28-05-2025
- Business
- Associated Press
New Joint and Spine Clinic to Open on Lutheran Home Campus in Arlington Heights
ARLINGTON HEIGHTS, Ill., May 28, 2025 (SEND2PRESS NEWSWIRE) — Lutheran Home announced the opening of a new Joint and Spine Clinic on its campus, adding to the full spectrum of care and services conveniently offered. The clinic opens in June and provides innovative and interventional treatments for musculoskeletal pain. This first-of-its-kind clinic within a senior living community will offer both evaluations and treatments, eliminating the need for hospital visits for many procedures. Led by esteemed physicians Dr. Sajjad Murtaza and Dr. Akash Jindal, the clinic will serve the residents of Lutheran Home as well as the broader Arlington Heights community. Dr. Murtaza, a double board-certified specialist in sports medicine and interventional pain, has a long-standing presence in the northwest Chicago area and helped establish the Spine Center at Northwest Community Hospital. Lutheran Home's many services help residents with a full spectrum of care and services, including its MyRehab, which offers outpatient and short-term rehabilitation therapy. The new Joint and Spine clinic will work cooperatively with MyRehab, providing treatments in a light-filled environment that features private suites, a state-of-the-art therapy gym, atrium spaces, spacious living rooms and bistro-style dining. 'This clinic is designed to optimize therapy and work closely with the MyRehab physical therapy suite to provide customized, post-treatment plans,' said Dr. Murtaza. 'We want to educate the community on pain management options and introduce them to treatments that can significantly improve their quality of life.' The Joint and Spine Clinic will focus on identifying pain generators and addressing the root causes of pain through non-surgical, interventional medicine. The clinic will not offer opioids or chiropractic care but will instead provide advanced procedures such as diagnostic injections, EMG imaging and therapeutic interventions for spine and joint conditions. While imaging such as MRIs will be conducted at local hospitals, many treatments, including injections, will be available on-site. 'This new clinic is a perfect addition to our campus, offering residents and community members convenient access to outstanding doctors and cutting-edge treatments,' said Jennifer Darnell, VP of Sales & Marketing at Lutheran Life Communities. 'We are happy to offer these innovative treatments to enhance the health and wellness of our residents, and having these services available on-site means they can conveniently receive expert care.' SERVICES OFFERED AT THE JOINT AND SPINE CLINIC: Currently, 40% of patients at Dr. Murtaza's other clinics are seniors who receive physical medicine and rehabilitation. With a majority of residents at Lutheran Home experiencing at least one spine or joint issue, this clinic aims to meet a significant need. By bringing treatment directly to the Lutheran Home campus, residents and community members will benefit from a local, convenient resource. 'We have found that most patients are not even aware or have never been educated on what treatments are available for their joint and spine pain and the great outcomes they can have,' said Dr. Murtaza. 'We are looking forward to offering relief to Lutheran Home residents and to the community.' The clinic will begin with limited hours, and accepts most private insurance plans and Medicare. Patients will also have access to convenient communication methods, including text-based appointment updates and a secure HIPAA-compliant system for submitting insurance information. Appointments at the Joint and Spine Clinic can be made by calling 312-757-4647 or visiting our website at On June 10, Dr. Murtaza will lead a presentation at Lutheran Home to explain how the Spine and Joint's pain management physiatrists use evidence-based approaches to managing pain, enhancing mobility and improving your quality of life—all without the risks associated with narcotic medications. To RSVP and learn more, visit: ABOUT METROPOLITAN INSTITUTE OF PAIN Metropolitan Institute of Pain employs a fully integrated approach to your healthcare to ensure the precise evaluation, diagnosis and treatment of the cause of your pain. Our expert team of Board-Certified Physical Medicine & Rehabilitation and Interventional Pain Management Specialists will take the necessary time to effectively diagnose and explain the nonsurgical treatments available to you. ABOUT LUTHERAN HOME Lutheran Home is part of Lutheran Life Communities, a faith-based 501(c)(3) not-for-profit organization founded over 130 years ago that supports Arlington Heights with a full spectrum of care and services. Recognized on Newsweek's America's Best Nursing Homes 2025 list, they offer assisted living, memory care, skilled nursing, an adult day club, inpatient and outpatient rehab, home care services, move management services and Shepherd's Flock Child Care and Preschool and Jenny's Bistro, which is open to the public and serves gourmet food and beverages. Lutheran Home invests in a full, robust continuum of care that can address early dementia and mild cognitive impairment with stage-form care, supportive services and residential solutions like MyTapestry memory support. The memory support programming extends through end of life with care provided by a care team trained in dementia. It's Grace-Filled living. NEWS SOURCE: Lutheran Life Communities Keywords: Illinois Business, Senior Living, Lutheran Home, Lutheran Life Communities, spinal center, Metropolitan Institute of Pain, ARLINGTON HEIGHTS, Ill. This press release was issued on behalf of the news source (Lutheran Life Communities) who is solely responsibile for its accuracy, by Send2Press® Newswire. Information is believed accurate but not guaranteed. Story ID: S2P126513 APNF0325A To view the original version, visit: © 2025 Send2Press® Newswire, a press release distribution service, Calif., USA. RIGHTS GRANTED FOR REPRODUCTION IN WHOLE OR IN PART BY ANY LEGITIMATE MEDIA OUTLET - SUCH AS NEWSPAPER, BROADCAST OR TRADE PERIODICAL. MAY NOT BE USED ON ANY NON-MEDIA WEBSITE PROMOTING PR OR MARKETING SERVICES OR CONTENT DEVELOPMENT. Disclaimer: This press release content was not created by nor issued by the Associated Press (AP). Content below is unrelated to this news story.
