August 10, 2010 09:00 ET
Checkers Announces Divestiture of 12 Restaurants in Memphis, Tennessee
Tri State Restaurants LLC Plans Include More Than 20 Restaurants Across Memphis
TAMPA, FL--(Marketwire - August 10, 2010) - Checkers Drive-In Restaurants, Inc. the largest double drive-thru chain in the United States, announced today the sale to Tri State Restaurants, LLC (TSR) of 12 existing corporate locations in the Memphis, Tennessee market.
With this acquisition, TSR now operates 13 Checkers locations across the Memphis market and plans to open an additional nine new Checkers restaurants over the next several years. Checkers' continued growth in the city is part of a strategic expansion strategy to build the brand's presence in existing markets, as well as in new regions across the country.
"We're very excited to make Tri State Restaurants a larger part of the Checkers family," said Lynette McKee, CFE, chief development officer of Checkers Drive-In Restaurants, Inc. "We are confident that Memphis residents will crave our incredibly flavored food and we look forward to continuing to serve the local community."
The TSR management team is made up of a seasoned group of foodservice, convenience store and franchising industry executives who have a combined 70+ years of experience in multi-concept and multi-unit development. Anwar Aman, his associates and Dwight Barker, previously Checkers vice president of corporate operations, lead the brand's expansion efforts across the region while Barker manages day-to-day operations of the restaurants.
"We have deep roots in Memphis and across our development territory and I'm thrilled to expand our operations and Checkers' presence in the area," said Aman. "We have a strong passion for the Checkers brand and look forward to operating these 12 additional restaurants in Memphis and opening many more."
Tri State's future development will complete the strategic growth plan for Memphis. Opportunities are still available to build restaurants in Philadelphia, Washington D.C., Baltimore, New York, Detroit and Miami, among other cities.
Ideally, franchisees should possess a strong financial background, a passion for their communities and the willingness to maximize their territory's sales through development agreements generally ranging in size from 3 - 10 units. Development opportunities also exist in select markets for conversions into single and double drive-thru locations. Candidates should possess a minimum net worth of $750,000 and liquid assets of at least $250,000, but financial qualifications will vary based on the opportunity available.
With more than 800 locations across the U.S., Checkers credits its success to the strength of its product, business model, innovative design and franchisee network. The company is dedicated to providing the extensive training, operational support, national marketing and supply chain benefits necessary for franchisees to build their business.
Part of Checkers' recent success is also due to the company's expansion into non-traditional locations such as airports, universities and turnpike plazas. That growth, in combination with the advancement of end-cap and in-line designs, has provided new and existing franchisees with a greater range of development options.
Known for its full-flavored, hand seasoned burgers, thick shakes and famous seasoned fries, Checkers provides great tasting, fresh food for today's on-the-go guest. Signature items include the classic Big Buford®, Champ® Burger, loaded fries and classic bone-in wings tossed in one of five flavors. Each location strives to serve top-quality meals at a great value with Guest-Obsessed© hospitality, speed and accuracy.
Checkers Drive-In Restaurants, Inc. is the largest double drive-thru restaurant chain in the United States. The company develops, owns, operates and franchises both Checkers and Rally's restaurants. Based in Tampa, Florida, it has more than 800 restaurants open across the U.S. In recent years, the brand has been awarded several of the industry's most prestigious awards including: "Best Drive-Thru in America" and "Top 50" by QSR Magazine and the "Hot! Again Award" from Nation's Restaurant News. For more information about Checkers, please visit www.checkers.com.