AFC NAMED PARENT COMPANY OF POPEYES, CHURCH'S
AFC NAMED PARENT COMPANY OF POPEYES, CHURCH'S ATLANTA, Nov. 6 /PRNewswire/ -- America's Favorite Chicken Co. Inc.
(AFC) officially became parent company to Popeyes Famous Fried Chicken & Biscuits and Church's Fried Chicken chains yesterday in the company's first board of directors meeting.
Incorporated in Minnesota, AFC replaces Al Copeland Enterprises Inc., which on Oct. 20 lost ownership of the two chains in bankruptcy proceedings by The Federal Bankruptcy Court in Austin, Texas. AFC is held in majority by The Canadian Imperial Bank of Commerce (CIBC), acting as agent for a syndicate of lenders which formerly represented Al Copeland Enterprises. During the meeting held in New York City, Frank J. Belatti was confirmed as chairman and chief executive officer of AFC, responsible for Popeyes, Church's and Far West, a manufacturing and fabrication factory. Belatti is the former president and chief operating officer of Arby's Inc. -- a 2,500-unit restaurant chain -- where he was instrumental in the company's successful turnaround from 1985 to 1991. In addition, several other officers were confirmed for AFC: -- Kam M. Nassar, executive vice president, chief financial officer -- Dick R. Holbrook, executive vice president, chief operating officer -- Jackson G. Moore, executive vice president, franchising and development -- Joseph R. Genovese, executive vice president, marketing. The new AFC board of directors is composed of seven directors, responsible for consultation, communications, reviews, appraisals and appeals. The directors include Belatti; Michael Leven, president of Holiday Inn Worldwide and an experienced leader in marketing and franchising growth strategies; and Billye Aaron, a vice president of the United Negro College Fund and noted community leader. The four remaining members of the board represent the lender banks, including three representatives from CIBC. AFC plans to name two additional outside directors within the next several months. Started in 1972, Popeyes Famous Fried Chicken & Biscuits is the third-largest fried chicken chain, with 817 restaurants, 694 of which are franchised. In addition to the United States, Popeyes has operations in Canada, Dubai, Saudi Arabia, Honduras, Guam, Korea, the United Kingdom, Germany, France, Japan and the Philippines. Popeyes' 1991 sales were $550 million. Church's Fried Chicken is a 1,087-unit fast-food chain specializing in southern-style chicken. Currently, the chain has 621 company-owned restaurants and 466 franchises. Church's has restaurants in 30 states, as well as Canada, Mexico, Puerto Rico, Taiwan, Malaysia and Singapore. Church's 1991 system sales exceeded $513 million. -0- 11/6/92 /CONTACT: Ellen Hartman of Fleishman-Hillard, 404-659-4446, for America's Favorite Chicken Co. Inc./ CO: America's Favorite Chicken Co. Inc.; Popeyes Famous Fried Chicken & Biscuits; Church's Fried Chicken ST: IN: LEI SU: PER
BR-BN -- AT002 -- 8110 11/06/92 10:28 EST
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|Date:||Nov 6, 1992|
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