Popeyes

Popeyes
Subsidiary
Industry Restaurants
Genre Fast food
Founded June 12, 1972 (1972-06-12) (as Chicken on the Run)
Arabi, Louisiana, U.S.
Headquarters Miami, Florida[1]
Number of locations
 2,600 (2016)
Key people
 Al Copeland
Products Fried chicken
Cajun cuisine
Seafood
Vegetables
Biscuits
Revenue Increase US$206 million (2013)[2]
Number of employees
 2,130 (Dec 2015)[2]
Parent Restaurant Brands International (2017–present)
Website www.Popeyes.com

Popeyes is an American multinational chain of fried chicken fast food restaurants founded in 1972 in New Orleans, Louisiana. Since 2008, its full brand name is Popeyes Louisiana Kitchen, Inc.[3] and it was formerly named Popeyes Chicken & Biscuits[4] and Popeyes Famous Fried Chicken & Biscuits.[5] It is currently a subsidiary of Restaurant Brands International.

According to a company press release dated June 29, 2007, Popeyes is the second-largest "quick-service chicken restaurant group, measured by number of units", after KFC.[6] More than 2,600 Popeyes restaurants are in more than 40 states and the District of Columbia, Puerto Rico, and 30 countries worldwide.[7] About thirty locations are company-owned, the rest franchised.[8]

History

Early logo prior to 2008
Popeyes restaurant in Houston, Texas, United States

Popeyes was founded in Arabi, Louisiana, a suburb of New Orleans in St. Bernard Parish. It first opened its doors on June 12, 1972, as "Chicken on the Run".[9] Owner Al Copeland wanted to compete with Kentucky Fried Chicken,[10] but his restaurant failed after several months.[9][10] As the company's history states, it sold "traditional mild fried chicken [but] business was slow, and the chicken team realized they'd have to sell a spicier alternative to their standard chicken recipe if they wanted to impress flavor-seeking New Orleanians." Copeland reopened the restaurant four days later as Popeyes Mighty Good Chicken.[10] By 1975, the company had been renamed as Popeyes Famous Fried Chicken.[10] Copeland started franchising his restaurant in 1976, beginning in Louisiana. The chain expanded to Canada in 1984, and opened its 500th restaurant in 1985.[9] B.P. Newman of Laredo, Texas, acquired several franchises in Texas and surrounding states. Two hundred additional locations were added during a period of slower expansion.

By 1990, Copeland Enterprises was in default on $391 million in debts, and in April 1991, the company filed for bankruptcy protection. In October 1992, the court approved a plan by a group of Copeland's creditors that resulted in the creation of America's Favorite Chicken Company, Inc. (AFC) to serve as the new parent company for Popeyes and Church's, another fast food chain specializing in chicken.[11] AFC went public in 2001 with initial public offering (IPO) of $142,818,479.[12] On December 29, 2004, AFC sold Church's to Arcapita, formerly Crescent Capital Investments, retaining Popeyes.

On June 17, 2014, Popeyes announced it had re-acquired full control of its seasonings, recipes, and other proprietary food preparation techniques from Diversified Foods & Seasonings, which remained under the control of Al Copeland and his estate after the creditor sale of Popeyes to AFC. Popeyes had continued to license the seasonings, recipes, and techniques from DF&S for a yearly 'spice royalty', before buying them outright for $43 million. DFS remains the main supplier for Popeyes until at least 2029.[13]

As of 2017, Popeyes has over 2,600 restaurants worldwide according to its website.[4]

Name

Alvin C. Copeland claimed he named the stores after the fictional detective Jimmy "Popeye" Doyle in the movie The French Connection[14][15] and not the comic strip and cartoon character Popeye the Sailor.[16] The company's early brand became deeply tied to the cartoon star with its sponsorship of the Popeye & Pals children's show in New Orleans, and the character appeared on items from packaging to racing boats. The name is spelled "Popeyes" without the apostrophe used by other restaurant chains such as McDonald's and Hardee's. Copeland claimed facetiously that he was "too poor" to afford an apostrophe.[14]

The chain later acquired rights to use Popeye the Sailor for marketing and used this for 35 years.[16] In late November 2006, AFC announced the mutual termination of their licensing contract with King Features Syndicate, effectively ending their association with the Popeye characters.[17]

Acquisition by Restaurant Brands International

On February 21, 2017, Restaurant Brands International announced a deal to buy Popeyes for US$1.8 billion.[18] On March 27, 2017, the deal closed with RBI purchasing Popeyes at $79 per share via Orange, Inc, an indirect subsidiary of RBI.[19]

Products

Popeyes mild chicken

Popeyes serves chicken dishes in mild and spicy flavors and offers sides such as red beans and rice, Cajun fries, mashed potatoes with Cajun-style gravy, Cajun rice, macaroni & cheese, and coleslaw. In addition to fried chicken, other entree items include a chicken-and-sausage jambalaya and po' boy sandwiches. Most combo meals come with a side order and a biscuit, but without a drink. On October 30, 2006, AFC announced that Popeyes planned to introduce a trans fat-free biscuit as well as french fries containing one gram of trans fat by year-end.[20] On November 18, 2011, AFC announced that, for the Thanksgiving holiday, Popeyes would release a Fried Turducken sandwich that would show off the first ever Turducken patty. On July 29, 2013, AFC began offering a special entree of fried chicken strips dipped in waffle batter, which was already a proven success in some markets.[21] For a limited time only in 2017, Popeyes offered "Sweet and Crunchy" chicken, fried chicken tenders coated in shortbread cookie breading.[22]

Style and marketing

Coleslaw from Popeyes Louisiana Kitchen

The restaurants have a distinctive red-and-yellow color scheme. The original locations had a black lava rock exterior with a red shingled roof. Most older locations have covered the rock exterior to conform with the current yellow stucco appearance. During the 1970s and 1980s, the company occasionally licensed characters from the Popeye comic strip to use in its advertising. TV and radio ads often use New Orleans-style music, along with the trademark "Love That Chicken" jingle[23] sung by New Orleans funk and R&B musician Dr. John.

In 2009, Popeyes introduced "Annie the Chicken Queen", a fictitious, upbeat, African-American Popeyes chef. The character is meant to be "honest, vibrant, youthful and authentic" according to Dick Lynch, Popeyes Chief Marketing Officer. "Everyone has a relative or a good friend who will give it to them straight, and that's what the Annie is all about", Lynch said.[24]

Number of franchises

Popeyes maintains a "Hall of Fame" of its franchise holders. Among the inductees is Morgan W. Walker, Jr. (1928–2008), originally from Alexandria, Louisiana, who held a franchise in the Washington, D.C., area from 1979 to 2007. Some international franchises, such as the ones located in Germany, France, and Japan, are only located on U.S. military installations and are generally not accessible to the local civilian public.

Year United States Canada Outside the United States and Canada Company-owned
20031,3242032095
20041,3822834767
20051,4272831556
20061,4593130650
20071,5073427661
20081,5273930155
20091,5394232537
20101,5334233337
Source: Entrepreneur.com[25]

See also

References

  1. ↑ Popeyes moving headquarters to Miami
  2. 1 2 Popeyes Louisiana Kitchen, Inc. Form 10-K, Securities and Exchange Commission, February 26, 2014
  3. ↑ "Our Story". Popeyes Louisiana Kitchen. Retrieved September 22, 2017.
  4. 1 2 "About Popeyes". Popeyes Louisiana Kitchen. Retrieved September 12, 2017.
  5. ↑ Engelberg, Adrian (September 24, 1990). "Bob & Gee Tucker: Community Service Important for Married Consulting Team". New Orleans CityBusiness. 11 (6): 23C.
  6. ↑ "Popeyes Chicken & Biscuits Offers 'A Side of Hope,' to America's Hungry Families" (Press release). Popeyes Louisiana Kitchen.
  7. ↑ "Archived copy". Archived from the original on November 17, 2015. Retrieved November 13, 2015.
  8. ↑ "Hoovers/Dun & Bradstreet: Popeyes Chicken & Biscuits". Hoovers. Archived from the original on July 7, 2007.
  9. 1 2 3 "Popeyes Story". Popeyes Louisiana Kitchen. Retrieved September 12, 2017.
  10. 1 2 3 4 Chandler, David (October 15, 1984). "Now That His Chicken Business Is Booming, Al Copeland Wants to Muscle in on Cajun Cuisine". People. Retrieved May 30, 2018.
  11. ↑ "Answers - The Most Trusted Place for Answering Life's Questions". Archived from the original on June 24, 2017. Retrieved February 22, 2017.
  12. ↑ AFC Enterprises Initial Public Offering
  13. ↑ Wong, Vanessa (June 17, 2014). "Popeyes Buys Its Recipes for $43 Million. Wait, Popeyes Didn't Own Its Recipes?". Bloomberg Businessweek. Retrieved June 18, 2014.
  14. 1 2 Martin, Douglas. "Al Copeland, a Restaurateur Known for Spice and Speed, Dies at 64". The New York Times, March 25, 2008
  15. ↑ Hoffman, Ken, "Chicken Cordon Bleu est TACO tres magnifique", King Features Syndicate, published in The Gazette of Cedar Rapids-Iowa City, Iowa, June 19, 1998, p. 2, ("chain was named for Popeye Doyle, the cop in The French Connection") Archived online at newsbank.com. Retrieved March 27, 2008
  16. 1 2 Moon, Bob (2012-11-29). "'Well, blow me down!' Popeye is out at Popeyes". Marketplace Investor. Retrieved 2018-07-11.
  17. ↑ "Popeyes ditches ex-spinach-eating pitchman", The Atlanta Journal-Constitution, November 26, 2013.
  18. ↑ Silva Laughlin, Luaren (February 21, 2017). "Restaurant Brands Takes a Bite Out of Popeyes". The New York Times. Retrieved February 22, 2017.
  19. ↑ "Restaurant Brands International Inc. Announces Successful Completion of its Tender Offer to Purchase All of the Outstanding Shares of Popeyes Louisiana Kitchen, Inc" (Press release) – via PR Newswire.
  20. ↑ Dow Jones newsire (Oct. 31, 2006): "AFC's Popeyes Chicken Plans Low Trans-Fat French Fries", by Richard Gibson Archived September 27, 2007, at the Wayback Machine.
  21. ↑ "Popeyes Debuts Chicken Waffle Tenders, World Wonders Why No One Else Thought Of That Already". The Huffington Post. July 24, 2013. Retrieved September 6, 2013.
  22. ↑ "Popeyes is now frying chicken in cookie batter – here's the flavor verdict". AOL. Retrieved June 22, 2017.
  23. ↑ "Popeyes Chicken". Popeyes Louisiana Kitchen. Retrieved February 22, 2017.
  24. ↑ "Popeyes keeps it real with new advertising campaign" (Press release). Popeyes Louisiana Kitchen. March 30, 2009. Archived from the original on May 27, 2009. Retrieved May 27, 2009.
  25. ↑ "Popeyes Louisiana Kitchen Franchise Information". Entrepreneur. Retrieved February 22, 2017.
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