Cheesecake Factory to Launch New Concept
New York City, The Cheesecake Factory Inc. will unveil a new concept, a Southeast Asian-inspired restaurant format called Rock Sugar Pan Asian Kitchen, in fall 2007, at Westfield Century City, in Century City, Calif. The menu will feature the cuisines of Thailand, Vietnam, East India, Malaysia and Indonesia.
The new venture will have a large footprint, about 7,500 sq. ft., and be designed as an upscale casual dining experience.
BJ’s CEO Paid $4.4 Million
Boston, B.J. Wholesale Club chairman and CEO Herbert J. Zarkin was compensated $4.44 million in 2006, which included more than a half-million dollars to pay for private jet flights that, among other trips, logged flights from Zarkin’s Florida home in Boca Raton and the company’s headquarters in Natick, Mass. The analysis is based on a regulatory filing.
In response to press inquiries about the expenditures, the company issued the following statement: “In establishing its travel policies, BJ’s weighs carefully the costs and benefits of executive travel options including factors such as convenience, efficiency and the safety and security of key executives. According to the company’s strict policy, noncommercial air travel is authorized for the chairman of BJ’s board of directors and CEO, as well as certain other key BJ’s executives.”
Hart Reports Record Sales
Laval, Quebec, Hart Stores Inc. reported record sales of $166.4 million for the fiscal year ended February 3, 2007, an increase of $18.4 million or 12.5% over sales a year earlier. Comp-store sales were up 3.0% in the same period.
The company recorded net earnings of $4.4 million in fiscal 2007, compared with net earnings of $7.0 million the previous year. The change in net earnings is primarily attributable to the start-up costs associated with the opening of the new 220,000 sq. ft. head office and distribution facility, and the non-recurring income of $950,000, as well as the non-recurring write-down and expenses related to the balance of the lease term from the former head-office facility.
Operating income for fiscal year 2007 was sustained at $10.2 million.
Last year the company opened five new stores in Ontario, growing its total network of stores to 75 locations.