McCormick & Schmick's


McCormick & Schmick's
McCormick & Schmick's
Seafood Restaurants
Type Public (NASDAQMSSR)
Industry Restaurant and catering
Predecessor Traditional Concepts
Founded 1979
Founder(s) Bill McCormick & Douglas Schmick
Headquarters Portland, Oregon, USA
Number of locations 94[1]
Revenue $358.6 million (2007)[2][dated info]
Employees Over 7100 (2007)[2][dated info]
Subsidiaries The Boathouse (in Canada)
Website www.mccormickandschmicks.com

McCormick & Schmick's Seafood Restaurants is an American seafood restaurant, based in Portland, Oregon, USA with 94 locations under various names in the United States and six in Canada. They specialize in fresh seafood, though they also serve steaks from the same wholesale supplier used at Morton's Restaurant Group steakhouses.[citation needed]

History

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.[3] McCormick hired Douglas Schmick for management, and the two formed Traditional Concepts in 1974, the precursor to the McCormick & Schmick's restaurants.[3]

The original McCormick & Schmick's restaurant was opened in 1979 in Portland.[3] This 9,400-square-foot (870 m2) location in downtown was located in the Henry Failing Building.[4] In 2004, the company became a publicly traded company after an initial public offering.[5] As of 2009, there are almost 100 restaurants and catering locations in the United States and Canada. In June 2009, the company closed the original location in Portland.[4] The chain is famous for its generous happy hour, and its landmark $1.95 half-pound cheeseburger. The price was changed to $2.95 in the spring of 2009.[6]

On April 4, 2011, Tilman J. Fertitta, who was already the company's single largest individual shareholder, 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 1st closing price.[1] If the offer is accepted, McCormick & Schmick's operations would be would merged into Landry's Restaurants, though Feritta expects to "keep some sort of an office in Portland."[1]

Management

  • Chairman - Doug Schmick
  • CEO - William Freeman (as of January 2009)[7]
  • CFO and Secretary - N/A
  • Executive Vice President of Operations - Michael Liedberg
  • Honorary board member - Bill McCormick

References

  1. ^ a b c "Tilman Fertitta talks McCormick & Schmick's takeover". Portland Business Journal. April 4, 2011. http://www.bizjournals.com/portland/news/2011/04/04/tilman-fertitta-talks-takeover.html. 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." 
  2. ^ a b McCormick & Schmick's from Hoover's
  3. ^ a b c History from the company's website
  4. ^ a b "McCormick & Schmick's closes downtown restaurant". Portland Business Journal. June 3, 2009. http://portland.bizjournals.com/portland/stories/2009/06/01/daily42.html. Retrieved 2009-06-04. 
  5. ^ Sickinger, Ted (December 16, 2004). "Cascade Microtech public after 4-year wait". The Oregonian: p. D1. 
  6. ^ "Game-Changing Happy Hour News Regarding McCormick & Schmick's $1.95 Half-Pound Cheeseburger". http://blogs.seattleweekly.com/voracious/2009/06/game-changing_happy_hour_news.php. Retrieved 2009-06-19. 
  7. ^ McCormick & Schmick's Seafood Restaurants Inc names William Freeman as CEO from Zacks Investment Research




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