Can Quiznos new owner turn it around?
Denver-based Quiznos is under new ownership. High Bluff Capital Partners, a California private equity firm specializing in corporate turnarounds is on a mission to make the brand profitable,according to the Denver Post.
Quiznos, which opened in 1981, has had a tough decade since the Recession. In 2007, it had 5,000 units but now only operates 800.
Although High Bluff, which has acquired "substantially all of (Quiznos) assets," will make changes in hopes of getting the chain back on the profitable path, it has no plans to move the company's Denver headquarters to California and is keeping the brand's CEO Susan Lintonsmith. Lintonsmith became Quiznos' president and CEO in 2016, after joining the company in 2012 as CMO.
"I'm excited about the future with High Bluff Capital Partners and the level of experience and commitment they bring to Quiznos," Lintonsmith said in a news release. "I believe this is the infusion we need to take the brand to the next level."
High Bluff, which has worked with a variety of foodservice companies, including Dairy Queen, AMC Theatres and Frito-Lay, values Quiznos' strength in mobile ordering and consumer rewards.
"Quiznos is an iconic brand with strong awareness and attractive upside in the sandwich segment," Gerry Lopez, a High Bluff partner who will head the new company formed to lead Quiznos, said in a news release. "We are excited about the acquisition. We have the commitment, industry knowledge and flexible capital to build on recent successes and drive future, sustainable growth."
Topics: Franchising & Growth