Executive Leadership. Richard J. Independent Chairman of the Board. John W. Chief Executive Officer, Director. Vance Chang. Chief Financial Officer. John C. Jay D. New Stories. Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes. Latest Trade That bothered me, so I worked harder than everybody.
As his release date approached, Bayoh asked De La Cruz what he wanted to do. He planned to move back to New York, but Bayoh gave him the option to stay on at Cornbread and help open another store in Pennsylvania, even offering up one of her rentals for him to stay in.
Bayoh said when she first met De La Cruz, she saw an energetic young guy who did his job with integrity and pride, so she pushed him out of his comfort zone. She moved him from busboy to the kitchen, then promoted him to kitchen manager, then pushed him out to general manager and eventually to district operations manager for all Cornbread stores. The two became business partners in to open a new unit, and Knight also helped open up two more stores. He also expanded his role from managing partner to include director of operations and finance.
Bayoh opened up her business playbook to him, Knight said, allowing him to learn how to get funding and manage finances. I was figuring out how to overcome my obstacles.
Throughout the 10 years Adenah and I have worked together, there have been a lot of obstacles, but the most important lesson I learned from her is you can never let anything get you down. Though Knight stopped working with Bayoh in August to explore other franchises, he wants to create the relationship he had with her many more times in his career.
The world goes in a circle. Though her plate was full running the IHOP restaurants and managing a real estate portfolio of mixed-use developments and urban renewal projects, Bayoh noticed the need for a soul food concept in the national restaurant landscape.
I wanted to create a space people can come experience that and combat all the negativity of soul food. Bayoh partnered with friend Zadie Smith, who brought the scratch cooking experience, to create Cornbread.
Bayoh looked to her ancestors in Liberia and how they cooked yams, mac and cheese, collard greens, cabbage and cornbread to influence the menu. Enough of the basic fried chicken joint; I wanted to put something together where families can come together and thrive over a healthy, good tasting meal in a beautiful environment. Bayoh opened the first Cornbread in Maplewood in , then added two inside of Walmart stores in Pittsburgh.
She plans to open another in downtown Newark this year, and hopes to franchise the brand within the next two years as part of her mission to provide more franchising opportunities to Black and brown entrepreneurs and women. We work with formerly incarcerated youth, and we think the best way to empower people is to give them economic opportunities. If it acquires a third brand, it will seek to immediately sell franchise agreements.
But it's doubtful existing franchisees will rush to purchase new franchise agreements for more struggling casual-dining restaurant locations. It could smoothly begin operating an acquired franchisee, immediately boosting corporate revenue.
If the company truly believes in these brands' potential, it seems it would make this deal rather than searching for a third potentially distracting concept. Investors will have to wait to assess a third-brand acquisition on its individual merits. But on the surface, it doesn't seem like a great plan.
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