Make & Take Gourmet: The Meal Dissembly Kitchen
July 9, 2008
- dis·sem·ble \di-ˈsem-bəl\ transitive verb 1 : to hide under a false appearance 2 : to put on the appearance of : simulate intransitive verb : to put on a false appearance : conceal facts, intentions, or feelings under some pretense
The growth of Make and Take is entirely company funded, Bellso says. The company currently has no investors and has not taken out any loans, she says.
SMALL BUSINESS EXCELLENCE AWARD WINNERS
MAKE & TAKE GOURMET
* Headquarters: DeWitt
* Selected by: Solvay Bank
* Owners: Michele Bellso
* Established: 2006
* Type of business: Meal-assembly kitchen
* Financing: 2007 SBA loan for $100,000
Anyone ever applied for and received an SBA loan before?
Maybe Bellso applied for & received a $100,000 SBA loan, was nominated for and received small business excellence award all within 2 months. And, in the words of 20th Century philosopher Wayne Campbell “Maybe monkeys will fly out of my butt!”
It’s more likely that Michele Bellso is truly the Queen of Meal Dissembly.
All Hail the Queen!
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Mrs. Fields’ Cookie Crumbles, Stops Selling Franchises
June 16, 2008
(FranchisePick.com Franchise Blog) Related Story: Mrs. Fields Courts Mr. Bankruptcy
Franchise portal Blue Mau Mau reports that franchisor Mrs. Fields Brands has decided to let its state franchise registrations lapse, and to halt franchise sales until it completes its financial restructuring:
As of March Mrs. Fields Brands has elected to not renew its franchise registration. And with a lapse in
registration by the company, registration states will not allow Mrs. Fields to solicit or sell a franchises until a new registration is complete.
The company already has disclosure documents in the new format that the federal government will require beginning July 1. “These are sitting on my office shelf waiting to be submitted,” states Ward.
Ward declares. “For whatever good it is, this was a well thought out plan that the company is executing against.” He continues, “The Company voluntarily chose when state registrations expired not to re-register and to halt franchising until the refinancing issue is settled. There’s no question that we will be back out there in the market sometime this year. We will have good clean financials and operating structures in the market this year.”
“This is a plan we have been executing against for some time,” emphasizes Ward. “This will be a stronger, more focused company when this deal is completed.”
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Photo credit: J. Good. License: Creative Commons. Closed Mrs. Fields store in Summit Place Mall, MI
Mrs. Fields May Go Bankrupt
June 16, 2008
(Unhappy Franchisee) Franchise portal Blue Mau Mau reports that Mrs. Fields may be on the verge of bankruptcy:
Mrs. Fields Famous Brands LLC warns that it will file Chapter 11 within the next two months if it cannot persuade note holders to cut $145 million in debt by the end of June. The Salt Lake City-based franchisor of both Mrs. Fields cookies and frozen yogurt retailer, TCBY, has a high interest debt-load of over $200 million.
The firm has struggled for years to pay just the interest expense, never mind the principal of their outstanding debts. Despite selling its most profitable brands Pretzelmaker and Pretzel Time last year and The Great American Cookie to NexCen Brands earlier this year in order to receive much needed cash, the company still finds itself not able to pay $10.25 million in interest that comes due in September.
In an interview with Blue MauMau, Michael Ward, Chief Legal Officer and Executive Vice President for Mrs. Fields Cookies, says that the company has been cooking up a recipe for some time to reduce what it owes in high-interest debt. “We are executing a strategic plan that we went through a year ago,” Ward declares. “Mrs. Fields was always a highly leveraged company. There always needed to be in the whole history of the company an event that would bring down the company’s high debt.”
ARE YOU FAMILIAR WITH THE MRS. FIELDS FRANCHISE COMPANIES? WHAT DO YOU THINK? SHARE A COMMENT BELOW.
__________________________
Visit FRANBEST’s: Unbiased franchise information, franchise interviews and detailed, searchable information on 400 franchise and business opportunities.
.
Franchisees, customers & experts vote for their favorite new franchises at Top New Franchise: Who’s hot.
Photo credit: J. Good. License: Creative Commons. Closed Mrs. Fields store in Summit Place Mall, MI
