NRD Capital paid $175 million for the publicly traded company that established Frisch’s Restaurants Inc. in 1939. Four months after that sale, a Florida-based company paid $47 million for 74 of the company’s 121 stores. That company, now known as NNN REIT LP, is behind the evictions happening now.
NNN might be trying to cull its portfolio of weaker performers in hopes that Frisch’s stronger restaurants will give its investors the return they want, experts say.
A Cox First Media reporter found on Dec. 2 four in the Dayton region were no longer listed on Frisch’s website. Those were in Englewood, Huber Heights, Kettering and Miami Twp.
Other places experiencing Frisch’s closures include Lebanon, Middletown, Fairfield, Springfield, Troy, Xenia, Beavercreek, Moraine, the Cincinnati area and more.
Credit: Natalie Jones
Credit: Natalie Jones
Not all Frisch’s locations are affected. Some have stayed open.
It was reported two weeks ago that two Frisch’s Restaurant Inc. executives, Don Short and Cheryl White, are leading a buyout of “select” locations from the company’s Atlanta-based owner.
“We are very grateful and extremely excited to have the opportunity to carry this beloved icon forward,” Short said in a press release. “Some Frisch’s units are no longer viable. However, other units are well situated to move forward, and we plan to invest in those locations and add new units in the years ahead.”
The press release doesn’t specify which stores will stay open due to the sale, but hints at the difficulties faced by nonviable locations.
“The company has made efforts to negotiate a resolution for all the viable units to stay open permanently, or at least through the holidays, to save thousands of employees’ jobs and benefits, but to no avail,” said the release.
Staff Writer Natalie Jones and WCPO’s Dan Monk contributed to this report.
More Frisch’s related content:
Customers call Frisch’s Big Boy closures ‘a loss to the community’
Dozens of iconic Frisch’s statues spotted in ‘Big Boy Graveyard’
Frisch’s closings list: The ones that have closed, may close, or are staying open
What went wrong at Frisch’s? Experts point to ownership change and asset sales (WCPO)
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