On July 2, Brad Blum, Burger King's ninth CEO in 15 years, resigned from his position after 18 months on the job. Although same store sales rose in May, the company experienced a decrease in same store sales in 11 of the last 12 months. Business Week Onbline reports that many restaurants are struggling with substantial debt service and the owners of more than 600 Burger King restaurants are in financial distress. Analysts are now speculating that Wendy's (with sales of $7.35 billion last year) may soon overtake Burger King in the number 2 position for burger chains in the U.S.
Posted by franchiselawblog at July 12, 2004 03:34 PM