News Briefs for December 30, 2014December 30, 2014
•Shake Shack Inc., the “fine-casual” burger chain founded by restaurateur Danny Meyer, has filed a preliminary prospectus for an IPO that is expected to value the company at up to $100 million. Shake Shack currently has 63 units, including 31 domestic company-operated Shacks, five domestic licensed Shacks and 27 international licensed Shacks. During the three fiscal years ended December 25, 2013, the chain increased its number of locations nearly sixfold, while revenues roughly quadrupled to $82.5 million and net income rose from $200,000 to $5.4 million. The first unit opened in Manhattan’s Madison Square Park in 2004. Shake Shack, which has applied to be listed on the New York Stock Exchange under the symbol “SHAK,” plans to open at least 10 new domestic company-operated locations a year for the foreseeable future. The chain sells beer and wine at most of its units.
•Gary’s Wine & Marketplace of New Jersey recently opened a “pop-up” store for holiday shopping, in anticipation of the launch of its fourth permanent location in the Garden State in March. The temporary space and the new 9,000 square-foot store are both located in the Nelson’s Corner Shopping Center on Route 206 in Hillsborough, New Jersey. It’s expected the new location—formerly a Rite Aid drug store—will feature 3,500 wine SKUs, 1,500 distilled spirits SKUs and 1,000 beer SKUs, as well as 100 gourmet cheeses. Gary’s Wine, founded and owned by Gary Fisch, has annual sales revenues in excess of $50 million from three stores in Wayne, Madison and Bernardsville, New Jersey. Fisch was named Market Watch magazine’s 2014 Retail Leader of the Year.
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