McDonald's may sell Boston Market restaurant chain
January 12, 2007
by FoodBusinessNews.net Staff
OAK BROOK, ILL. — McDonald’s Corp., which last year spun off Chipotle Mexican Grill in an initial public offering that raised more than $320 million, may be putting its Boston Market restaurant chain up for sale, according to an article in today’s Chicago Tribune.
According to the Chicago Tribune, Boston Market employees were told during a Jan. 11 annual state-of-the-company meeting with executives that McDonald’s planned to sell the restaurant chain.
McDonald’s acquired Boston Market in May 2000 for $173.5 million in a bankruptcy auction. The move gave McDonald’s more than 700 Boston Market chains in 28 states. The company has since cut the number of stores in operation down to about 630.
The acquisition of Boston Market was part of a larger effort by McDonald’s to diversify its portfolio. In addition to Boston Market, the company acquired controlling interests in Chipotle and Donato’s Pizza, as well as stakes in Fazoli’s Italian fast-food restaurants and Pret a Manger, a sandwich chain in the United Kingdom — all during a two-year window.