SELLING BOWL
Atairos first invested in BOWL in June 2017, buying its stake from Cerberus.
If i had the vision to buy BOWL in 2017 I would be selling too. Atairos Management (pre-despac owner) is selling 4.9M shares of Bowlero.
Michael J. Angelakis, Chairman and CEO of Atairos, said back in 2017, “This is an exciting opportunity for Atairos to invest in the growing out-of-home entertainment market by partnering with a proven entrepreneur in Tom Shannon who has built the leading bowling franchise in North America, with terrific brands and unmatched scale. At a time when consumers are seeking unique and authentic experiences, Bowlmor’s highly differentiated and compelling offering has been enormously successful. With a proven, scalable platform and a highly talented management team, we believe there’s great potential for continuing growth through the execution of the business plan and related acquisitions.”
None of this has changed other than they hit a home run and want out! Good for them!
Not a good sign for QSR
Premier Cajun Kings, a Popepes franchisee operating 19 Popeyes restaurants, declared bankruptcy this week following the untimely death of its sole owner and manager, Manraj Sidhu. Sidhu’s death last May “triggered great operational instability” for the company’s current restaurants, according to the filing. Premier Cajun Kings marks the third franchisee within Restaurant Brands International’s system to file for Chapter 11 bankruptcy protection this year. Burger King franchisees Toms King and Meridian Restaurants Unlimited also filed for bankruptcy.
alternate reality
The company can't make money selling you a salad in a store, and they think delivering bowls by drone is a good idea.
SG is partnering with San Francisco-based company Zipline, which describes the system as “the closest thing to teleportation ever created.” These next-generation drones, which the company calls Zips, are designed to fly about 300 feet above the ground and very quietly. According to a press release, they make a sound like rustling leaves. When they arrive at their destination, these Zips hover while a smaller delivery droid pops out the bottom and maneuvers down a tether to the correct location to gently drop off its package, like on a patio table or front steps of a home. Zipline contends the Zips can complete 10-mile deliveries in about 10 minutes. Zipline says healthcare companies, like Michigan Medicine and Intermountain Health, have signed on to use drones to deliver prescriptions.
For Sweetgreen, the goal is sustainability but what about profitability? Sweetgreen co-founder and CEO Jonathan Neman said in a statement that Zipline’s technology would help the chain give customers what they want when they want it. “The future of delivery is faster, more sustainable, and creates broader access, all of which provides improved value for our customers; we couldn’t be more excited to work with Zipline to complement our delivery strategy.” According to RB, a Sweetgreen spokesperson said the company hopes to launch the service in 2024, but she did not reveal where it might start or whether it has been tested.
This a PR stunt and will never get off the ground!
