🠈 Phoenix Restaurant Group 🠊
The Phoenix Restaurant Group
The Phoenix Restaurant Group was a Scottsdale based restaurant company that grew to be the largest Dennys' Franchise known as DenAmerica. DenAmerica bought the Black Eyed Pea restaurant chain.
The group suffered disappointing sales and filed for chapter 11 in 2001. The Texas and Denver based franchises of Black-eyed Pea survived the bankruptcy.
So, in this story a franchise decided to become a franchisor. The company filed filed Chapter 11, but one of it franchises lives on.
Corporate Time Line
- 1996: DenAmerica was created by a reverse merger of Dennys' franchise companies DenWest Restaurant Corp. of Scottsdale and America Family Restaurants based in Georgia.
- 1996: AFR acquired American Family Mr. Fable's Restaurants as the merger completed for ~ $2.7 million.
- 1996: The firm sold 23 Ike's restaurants and Jerry's to concentrate on Dennys'
- 1997: DenAmerica bought the Black-Eyed Pea restaurant chain from Unigate P.L.C. for $65 million. The chain had 130 restaurants, boosting DenAmerica to a total of 300 restaurants.
History of Black-Eyed Pea
- 1975: Gene Street and Phil Cobb founded Black-Eyed Pea in Dallas, Tx.
- 1986: Unigate acquired The Black Eyed Pea which had grown to 130 restaurants.
- 199?: DenAmerica suffered a huge loss and sued Unigate claiming they misrepresented the sales of Black-Eyed-Pea
- 1999: DemAmerica changed its name to The Phoenix Group.
- 1998, DenAmerica sold 71 restaurants to Houston-based Olajuwon Holdings.
- 2001: Phoenix Restaurant Group filed for bankruptcy protection.
References:
- Funding Universe - DenAmerica (Drawn 7/7/2020)
- Wikipedia - Black Eyed Pea Restaurant (Drawn 7/7/2020)
- Nashville Post - PRG Chapter 11 (Drawn 7/7/2020)