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Article: Will profits return to Shoney's menu ?: Founder's son is confident that restaurant chain is on its way back
- Article from:
- Charleston Gazette
- Article date:
- October 21, 1998
- Author:
CopyrightCopyright 1998 Charleston Gazette. Provided by ProQuest LLC. (Hide copyright information)
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BUSINESS EDITOR
The Schoenbaum family has lost more than $70 million on paper
since customers have defected from the family restaurant and the
restaurant's stock has plunged.
"We've taken a huge hit, it's no secret," said Raymond D.
Schoenbaum, son of the late founder Alex Schoenbaum of Charleston.
"We have 3.2 million shares of stock in the family and it's gone
from
$26 to $1.75. If you look at our sales over the past five years, it
has been straight downhill without any upticks."
In 1997, a shareholder group led by Schoenbaum and controlling 39
percent of the company's outstanding stock looked to oust Chairman
Stephen Lynn.
But Schoenbaum said he didn't engage in the bitter proxy fight to ...