Restaurant company focuses on wings brand
A Michigan restaurant company is re-focusing on one of its two brands.
Southfield-based Diversified Restaurant Holdings Inc. — the owner of Bagger Dave’s Burger Tavern — announced last week that its Nasdaq stock ticker symbol will change from BAGR to SAUC. The change reflects the company’s efforts to increase its commitment as a large franchisee of Buffalo Wild Wings, shifting focus away from its expanding original creation, Bagger Dave’s.
The announcement was made during the company’s third-quarter earnings report by president and CEO Michael Ansley.
The company operates 62 Buffalo Wild Wings in markets such as Detroit, St. Louis, Chicago and the west coast of Florida. Another 16 restaurants are planned in a new amended franchise area.
“Going forward, we will be concentrating on expanding our BWW portfolio, because the BWW brand offers us a significantly greater opportunity to grow our top line and profitability, while strengthening our balance sheet,” Ansley said. “Focusing on BWW provides us the best means to improve our business and grow shareholder value over time from current levels."
The previous year and a half was one of growth for Bagger Dave’s.
With 25 company-owned Bagger Dave’s locations in Michigan, Ohio and Indiana, the re-focusing is meant to allow the company to process the brand's expansion.
A new Bagger Dave’s opened in Grand Rapids last month at 2190 E. Beltline Ave. NE.
“We have also halted further development of Bagger Dave's beyond the remaining locations currently under construction, as we digest the numerous investments and changes made there over the past 18 months,” Ansley said.