Granite City Food & Brewery Adding Space To Increase Revenues
Granite City Food & Brewery Ltd. (Nasdaq:GCFB) announced today that it is in the process of enhancing four of its higher margin stores with the expectation that the improvements will be completed for the upcoming holiday season. The upgrades are consistent with the Company’s goal to improve the customer experience and drive continued growth through strategic investment in existing and new stores.
In May 2011, Granite City received a $9 million infusion of capital from Concept Development Partners (CDP) in partnership with CIC Partners along with $10 million in financing from Fifth Third Bank. The transaction brought the Company capital, additional management and several new, experienced board members including, Mike Rawlings, former President of Pizza Hut and a Founding Partner at CIC Partners, Lou Mucci, the former CFO of BJ’s Restaurants, Michael Staenberg, President of THF Realty, Fouad Bashour a Founding Partner of CIC Partners, and Rob Doran, former Executive Vice President of McDonald’s. Rob Doran now serves as CEO of Granite City. Since CDP’s investment, Granite City has been developing growth plans for existing stores as well as the construction of new stores such as the recently announced Troy, Michigan store set to open in early 2012.
“Through research over the past few months, we noted that one of the issues that existed at the stores was the frustration by our customers due to long wait times,” noted Rob Doran, CEO. “The enlargement of select stores will reduce wait times and improve the customer experience. Physical changes in some of our high volume stores will include increased seating in the bars, enclosure of patios for year round service, and the addition of private dining rooms to accommodate private parties, corporate events, and reduce wait times in peak periods. In addition, we are improving the efficiency of these stores with table management systems and kitchen management systems that we feel will provide an even better customer experience.”
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