Back Bay Restaurant Group
Back Bay Restaurant Group was an American restaurant company headquartered in Boston, Massachusetts, which operated a number of upscale restaurant chains along the East Coast, primarily in New England.
History
[edit]
on Newbury Street in Boston
The Back Bay Restaurant Group was founded in 1992 when it was spun off from Charles Sarkis' Westwood Group and went public at $17 a share.[1][2] It was listed on the NASDAQ under the symbol "PAPA".[3] At the time Back Bay Restaurant Group went public it had 14 restaurants. By 1999 the company stock had dropped to $3.50 a share and a 25% shareholder wanted out. Sarkis took the company private again for $38 million. By 2002, Back Bay Restaurant Group consisted of 35 restaurants on the East Coast, including the Abe & Louie's, J.C. Hillary's, Atlantic Fish Co., Coach Grill, Joe's American Bar & Grill, and Papa Razzi chains.[2]
In 2010, Sarkis' health seriously declined. He was also under significant financial strain following the closure of his other business, Wonderland Greyhound Park.[4]
In 2011, Back Bay Restaurant Group sold 33 of its restaurants, which included 15 Joe's American Bar & Grill locations, 12 Papa Razzi restaurants and its flagship enterprise, Abe & Louie's, to the Tavistock Restaurants, LLC.[5][4] In March 2012 he sold seven Papa Razzi locations to the Newport Harbor Group.[6] In December 2013, it closed its final two Massachusetts restaurants, Papa Razzi and Joe's American Bar and Grill in Hanover.[7] Its final two restaurants, both located in New Jersey, were closed at the end of March 2018.[8]
Sarkis died on March 11, 2018, at the age of 78.[8] As of March 2018, six Joe's American Bar and Grill restaurants were in business, though now owned by Tavistock; five in Massachusetts and one in Fairfield, Connecticut. In early 2020, however, two Joe's American Bar and Grill restaurants were closed; one in Massachusetts and the Fairfield location.
References
[edit]- ^ Bailey, Doug (November 12, 1992). "Probe of Back Bay Restaurant fizzles". The Boston Globe Journal.
- ^ a b Goodison, Donna L. (February 22, 2002). "Executive Profile: Charles Sarkis; Still in the Race". The Boston Business Journal.
- ^ Earl g. Graves, Ltd (April 1994). "35 Hot Picks for '94". Black Enterprise. Retrieved March 12, 2018.
- ^ a b Abelson, Jenn; Robinson, Walter V. (July 24, 2011). "A Bitter Feast for the House of Sarkis". The Boston Globe. Retrieved March 12, 2018.
- ^ "Back Bay Restaurant Group sells assets". Boston Business Journal. January 5, 2011. Retrieved March 12, 2018.
- ^ "Sarkis to sell off seven Papa Razzi locations". Boston Business Journal. March 15, 2012. Retrieved March 12, 2018.
- ^ Schneider, Dan (September 24, 2013). "Two Hanover restaurants to close; 100 to lose jobs". The Patriot Ledger. Retrieved March 12, 2018.
- ^ a b Marquard, Bryan (March 12, 2018). "Charles Sarkis, who built a restaurant empire and owned the Wonderland racetrack, dies at 78". The Boston Globe. Retrieved March 12, 2018.