Monday’s announcement that Frisch’s Restaurants Inc. will sell off 29 remaining Golden Corral buffet eateries marks the end of a painful chapter where the landmark local chain attempted to branch out into a new concept.
Frisch’s opened its first Golden Corral in 1999 hoping to grow overall sales. But after 13 years and more than $100 million invested, the company decided to sell the franchise for an undisclosed sum.
“The performance has never been there,” said chief financial officer Mark Lanning, adding that the twin pressures of high food costs and cost-conscious customers have weighed on Golden Corral profits. “Our management and board decided it was not the place to put our capital.”