McCormick & Schmick's Seafood Restaurants Inc. is an American seafood restaurant chain, formerly based in Portland, Oregon.[4] As of July 2021, the company operates 26 locations in the United States and 5 Canadian locations that operate under the Boathouse name.[5][6] A sale to the parent company, Landry's, Inc., was completed in January 2012. Landry's corporate headquarters in Houston, Texas now manages all restaurant operations.
 | |
| Company type | Subsidiary |
|---|---|
| Industry | Restaurant and catering |
| Predecessor | Traditional Concepts |
| Founded | 1979 |
| Founder | Bill McCormick & Douglas Schmick |
| Headquarters | , |
Number of locations | 26[1] |
Key people | William T. Freeman (CEO) Michelle M. Lantow (CFO)[2] |
| Revenue |  $414.7 million (2022)[3] |
 -$20.8 million (2010)[3] | |
| -$23.1 million (2010)[3] | |
| Total assets | $157.8 million (2010)[3] |
| Total equity | $70.4 million (2010)[3] |
Number of employees | 6582 (2011)[2] |
| Parent | Landry's, Inc. (2011-Present) |
| Subsidiaries | The Boathouse (in Canada) |
| Website | www.mccormickandschmicks.com |
History edit
The company dates its roots back to the 1970s, with Bill McCormick's purchase of Jake's Famous Crawfish, a 100-plus-year-old restaurant in Portland, Oregon.[7] McCormick hired Douglas Schmick for management, and the two formed Traditional Concepts in 1974, the precursor to the McCormick & Schmick's restaurants.[7]
The original McCormick & Schmick's restaurant was opened in 1979 in Portland.[7] This 9,400-square-foot (870 m2) location in downtown was located in the Henry Failing Building.[8]
In February 1997, the company was acquired by Apple South for $53 million.[9]
In 2004, the company became a publicly traded company after an initial public offering.[10] As of 2009, there were almost 100 restaurants and catering locations in the United States and Canada. In June 2009, the company closed the original location in Portland.[8] The chain is famous for its generous happy hour and landmark $1.95 half-pound cheeseburger. The price was changed to $2.95 in the spring of 2009.[11]
On April 4, 2011, Tilman J. Fertitta, who was already the company's single largest individual shareholder (less than 10%), made a bid to take McCormick & Schmick's private, offering $9.25 per share for the company's outstanding shares, a 30 percent premium over its April 1 closing price.[12] An offer of $8.75 per share was accepted by McCormick & Schmick's board in November 2011, with the purchase expected to be completed by January 2012.[6][13] Operations would be merged into Landry's Restaurants. However, Fertitta expected to "keep some sort of an office in Portland."[12] The sale to the conglomerate was completed in January 2012, and the once publicly traded company was removed from the NASDAQ exchange after trading under the MSSR symbol from 2004 until 2012.[14]
See also edit
References edit
- ^ "Locations". McCormick & Schmick's. Retrieved 2019-10-10.
- ^ a b "Company Overview of McCormick & Schmick's Seafood Restaurants, Inc". Bloomberg L.P. Retrieved 2016-06-10.
- ^ a b c d e "McCormick & Schmick's Seafood Restaurants, Inc Revenue and Financial Data". Hoover’s Inc. Retrieved 2016-06-10.
- ^ "Contact Us-Main Offices." McCormick & Schmick's. Retrieved on January 5, 2011. "1414 NW Northrup St., Suite 700 Portland, OR 97209-2798"
- ^ "McCormick & Schmick's Seafood & Steak Locations | McCormick & Schmick's". Mccormickandschmicks.com. Retrieved 2017-11-18.
- ^ a b Gunderson, Laura (November 8, 2011). "Tilman Fertitta says McCormick & Schmick grew too fast in wrong places". The Oregonian. Retrieved 30 November 2011.
- ^ a b c History Archived 2008-12-16 at the Wayback Machine from the company's website
- ^ a b "McCormick & Schmick's closes downtown restaurant". Portland Business Journal. June 3, 2009. Retrieved 2009-06-04.
- ^ "Apple South agrees to buy McCormick and Schmick's". Washington Business Journal. February 1997. Archived from the original on March 19, 2005. Retrieved January 27, 2024.
- ^ Sickinger, Ted (December 16, 2004). "Cascade Microtech public after 4-year wait". The Oregonian. p. D1.
- ^ "Game-Changing Happy Hour News Regarding McCormick & Schmick's $1.95 Half-Pound Cheeseburger". Archived from the original on 2009-06-22. Retrieved 2009-06-19.
- ^ a b "Tilman Fertitta talks McCormick & Schmick's takeover". Portland Business Journal. April 4, 2011. Retrieved 2011-04-05.
Fertitta first invested in McCormick & Schmick's in 2009 and has since raised his stake in the 94-unit chain to 10.1 percent. He is its single largest individual shareholder.
- ^ "Landry's Commences Cash Tender Offer for All Outstanding Shares of McCormick & Schmick's Seafood Restaurants at $8.75 Per Share". News Release. McCormick & Schmick’s Seafood Restaurants. Retrieved 30 November 2011.
- ^ Culverwell, Wendy (January 4, 2012). "Fertitta fires McCormick execs, closes restaurants". Portland Business Journal. Retrieved January 7, 2012.