Bojangles will expand to New York City
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Bojangles is expanding to New York City, with the first location slated to open in Brooklyn's East Flatbush neighborhood this winter.
Why it matters: Bojangles is reportedly considering selling itself in a deal that could be worth $1.5 billion. Experts have told Axios the chicken franchise would have to expand aggressively to support that valuation.
State of play: The Charlotte-born fried chicken chain is planning 20 locations in New York City, where it briefly operated in the 1980s. It'll also open an additional 35 in New Jersey.
Flashback: Bojangles first opened in New York City in October 1982, on 6th Avenue between 45th and 46th streets. A New Yorker story at the time detailed a jubilant opening day featuring a woman in a chicken suit, a live band and record-breaking breakfast sales.
- "Biscuits are going to take the North by storm," said William Levitz, SVP of local restaurant owner Horn and Hardart, the New Yorker reported.
- The restaurant closed by 2007, the year when Bojangles was acquired by Falfurrias Capital Partners, the private equity firm co-founded by local banking legend Hugh McColl.
- Bojangles has changed hands a few times over its lifetime, and it went public in 2015. It's currently owned by The Jordan Company and Durational Capital Management, two private equity firms.
Between the lines: Restaurant owner and operator Habib Hashimi is leading the deal to bring Bojangles to New York City.
- Bojangles, in a statement, outlined an expansion strategy intended to "simplify operations, adapt to shifting consumer wants and enhance the guest experience." This includes a building prototype with a "Biscuit Theatre" where customers can watch biscuits being made, plus a streamlined menu.
- Bojangles did not respond to a request for further comment.
The intrigue: Bojangles has previously expanded outside its core in the Carolinas with mixed results.
- In 2016, a franchisee closed eight restaurants in Orlando after just a year, for instance.
- The chain has expanded to new markets like Houston, New Jersey and Las Vegas in recent years.
- Bojangles also announced plans to return to Tampa Bay for the first time since the 1980s.
What they're saying: "The East Coast is craving the authentic, Southern charm that Bojangles delivers, and we're excited to introduce locals to something new," Bojangles CEO Jose Armario said in the statement.
Go deeper: See inside Bojangles' new headquarters