Fazoli’s to Make Debut in Puerto Rico with New Area Development Deal

Rhea-AI Summary

FAT Brands announces a development agreement with franchisee Jorge Rodriguez Lockwood to open five Fazoli’s locations in Puerto Rico over the next six years, marking its first foray into the market. The first location is set to debut in late 2023, capitalizing on the growing demand for quick-service restaurants in the region. Fazoli’s, known for its premium Italian cuisine, has been recognized for its quality and safety standards, including accolades from FastCasual and the American Business Awards.

Positive

• Development agreement for five Fazoli’s locations in Puerto Rico.
• First location to open in late 2023, targeting growing demand.
• Fazoli's recognized for excellence in food safety and quality.

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• None.

America’s Largest Premium QSR Italian Chain to Open First Location in 2023

LOS ANGELES, Jan. 11, 2023 (GLOBE NEWSWIRE) -- FAT (Fresh. Authentic. Tasty.) Brands Inc parent company of Fazoli’s, and 16 other restaurant concepts, announces a new development agreement in partnership with franchisee Jorge Rodriguez Lockwood to bring five Fazoli’s locations to Puerto Rico over the next six years with the first opening expected in late 2023.

“The demand for high-quality, quick-service concepts in Puerto Rico only continues to grow so we anticipate a strong reception for Fazoli’s when we make our official debut on the island,” said Taylor Wiederhorn, Chief Development Officer of FAT Brands. “This development deal is also significant as it serves as a strong foundation for growing Fazoli’s on an international scale, which is a key strategic growth pillar for the brand.”

Since 1988, Fazoli's has been committed to serving premium quality Italian food, fast, fresh, and friendly. From their unlimited signature breadsticks to freshly prepared pasta entrees, the chain prides itself on serving high-quality menu offerings, all at a great price.

For more information on Fazoli’s, visit www.fazolis.com.

About FAT (Fresh. Authentic. Tasty.) Brands

FAT Brands (NASDAQ: FAT) is a leading global franchising company that strategically acquires, markets and develops fast casual, casual and polished casual dining restaurant concepts around the world. The Company currently owns 17 restaurant brands: Round Table Pizza^®, Fatburger, Marble Slab Creamery, Johnny Rockets, Fazoli’s, Twin Peaks, Great American Cookies, Hot Dog on a Stick, Buffalo’s Cafe & Express, Hurricane Grill & Wings, Native Grill & Wings, Pretzelmaker, Elevation Burger, Yalla Mediterranean and Ponderosa and Bonanza Steakhouses, and franchises and owns over 2,300 units worldwide. For more information on FAT Brands, please visit http://www.fatbrands.com.

About Fazoli's: Fast. Fresh. Italian.
Founded in 1988 in Lexington, Ky., Fazoli's owns and operates nearly 220 restaurants in 27 states, making it the largest premium QSR Italian chain in America. Fazoli’s prides itself on serving premium quality Italian food, fast, fresh and friendly. Menu offerings include freshly prepared pasta entrees, Submarinos^® sandwiches, salads, pizza, and desserts – along with its unlimited signature breadsticks. Fazoli’s is a winner of FastCasual and Steritech’s 2020 Excellence in Food Safety Award and ranked number seven on FastCasual’s “Top 100 Movers and Shakers” list in 2022. Additionally, it was named to Technomic’s “Top 500 Chain Restaurant Report” in 2022, selected as one of the “Top 50 Global Fast Casual Innovators in 2021” by Foodable, a “Top 200 Franchises in 2021” by Franchise Business Review, and an Entrepreneur 2018 “Franchise 500.” Fazoli’s was a recipient of the 2021 American Business Awards Gold Stevie Awards in Food & Beverage for Company of the Year.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the timing and performance of new store openings. Forward-looking statements reflect expectations of FAT Brands Inc. (“we”, “our” or the “Company”) concerning the future and are subject to significant business, economic and competitive risks, uncertainties and contingencies, including but not limited to uncertainties surrounding the severity, duration and effects of the COVID-19 pandemic. These factors are difficult to predict and beyond our control, and could cause our actual results to differ materially from those expressed or implied in such forward-looking statements. We refer you to the documents that we file from time to time with the Securities and Exchange Commission, such as our reports on Form 10-K, Form 10-Q and Form 8-K, for a discussion of these and other factors. We undertake no obligation to update any forward-looking statement to reflect events or circumstances occurring after the date of this press release.

MEDIA CONTACT:
Erin Mandzik, FAT Brands
emandzik@fatbrands.com
860-212-6509

FAQ

What is the significance of FAT Brands' new development agreement in Puerto Rico?

The agreement signifies FAT Brands' expansion, aiming for five Fazoli's locations in Puerto Rico over six years, starting late 2023.

When will the first Fazoli's restaurant open in Puerto Rico?

The first Fazoli's location in Puerto Rico is expected to open in late 2023.

How many locations does Fazoli's currently operate?

Fazoli's operates nearly 220 restaurants across 27 states.

What awards has Fazoli's received recently?

Fazoli's has received several awards, including the 2020 Excellence in Food Safety Award and recognition on FastCasual's 2022 list of Top 100 Movers and Shakers.

What are the stock symbols for FAT Brands?

FAT Brands trades under the stock symbols FAT, FATBP, and FATBW.