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posted on 12/5/2005 at 07:24 AM
Carl's Jr. to Open 50 Franchise Restaurants in the Russian Federation
Development Part of U.S.-Based Chain's International Expansion Strategy
CARPINTERIA, Calif. -- July 6 -- CKE Restaurants, Inc. (NYSE: CKR) announced today that its subsidiary and popular U.S. hamburger chain, Carl's
Jr.(R), closed a deal to develop 50 new franchise restaurants in the Russian Federation over the next eight years. The company has entered into a
franchise and development agreement with Bright Star LLC, and expects to open Russia's first Carl's Jr. in early 2006.
CKE Restaurants, Inc.'s international presence has been steadily increasing, with a combined total of 204 Carl's Jr. and Hardee's(R) restaurants,
currently operating in 13 countries. Ned Lyerly, CKE Restaurants vice president, international, said that the strategic expansion into Russia was
based on the country's growing economic capability and its broad acceptance of western goods and services. "The Russian Federation is a dynamic,
emerging market with a strong appetite for western food. Our premium burgers will be a perfect fit," said Lyerly.
Bright Star LLC is one of the leading food companies in Russia. "Our goal is to take a leadership position in the Russian fast food market," said Paul
Pasco, director of Bright Star LLC. "The Carl's Jr. concept is the perfect vehicle to achieve this goal. During our fact-finding visit to the United
States last year we met with most of the players in this market segment and ate a lot of burgers. Carl's Jr. was far and away our first choice."
To develop the project, Bright Star has bottomembled a team that is well versed in the Russian marketplace. "With this team, along with the
help of CKE's international division, we believe we can make quite a splash in the local market," said Pasco. "CKE has tremendous experience working
in developing countries, and understands the flexibility needed in such a venture. That flexibility, along with the concept itself, made CKE very
attractive for our shareholders as well as our management team."
"Bright Star LLC and CKE are an excellent fit," said Lyerly. "Bright Star is a highly professional, principled firm with strong knowledge of the
Russian foodservice market. Their pbottomion for the Carl's Jr. brand and overall enthusiasm for the project were key elements contributing to
the successful conclusion of our negotiations."
As of the first fiscal quarter ended May 23, 2005, CKE Restaurants, Inc., through its subsidiaries, had a total of 3,165 franchised or company-owned
restaurants in 44 states and in 12 countries, including 1,020 Carl's Jr. restaurants, 2,029 Hardee's(R) restaurants and 100 La Salsa Fresh Mexican
Grill(R) restaurants.
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posted on 12/5/2005 at 07:24 AM
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posted on 12/13/2009 at 06:20 PM