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Article: Despite turmoil at Avado, M&S continues to dish up sales.(McCormick & Schmick's seafood restaurant chain thrives despite parent company Avado Brands' financial woes.)(Abstract)(Brief Article)
- Article from:
- Seafood Business
- Article date:
- June 1, 2000
- Author:
CopyrightCOPYRIGHT 2000 Diversified Publications. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Seafood duo keep marching with winning restaurant concept
McCormick & Schmick's, a renowned seafood restaurant chain on a national march, has managed to stay insulated from the problems plaguing its parent company-- no small feat when your parent is Avado Brands.
Four years ago, the Madison, Ga.-based company's stock fetched a respectable $28 a share; in mid-May, it hit $1.63.
During its last fiscal year, Avado earned $5.5 million, down more than 90 percent from the $66.3 million it earned the prior year. The first quarter of this year, Avado lost money.
Over a month ago, it looked as if McCormick & Schmick's -- purchased by the ...