Burgerim franchisee looks to recoup losses by opening Fatburger stores
Courtesy of Fatburger)
When Joey McCullough signed on to open multiple Burgerim franchises in the Richmond region in 2019, he was betting big on the fast-growing restaurant chain.
By that time he’d already owned the Fan’s Metro Bar & Grill for four years, but it had been struggling and he’d planned to pump money from the burger franchises into it.
Joey McCullough
“I wanted to redevelop, rebrand and do some additional marketing to boost Metro,” McCullough said in an interview in recent weeks.
Burgerim, meanwhile, looked to be on a non-stop upward trajectory. The chain came over to the U.S. from Israel in 2015, offering mini-burgers made with patties slightly larger than sliders, and it was expanding at a rapid clip.
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Markets
Noble Financial analyst Joe Gomes maintained a Buy rating on Fat Brands (FAT – Research Report) today and set a price target of $12.00. The company’s shares closed last Thursday at $8.52.
According to TipRanks.com, Gomes is a 5-star analyst with an average return of 30.7% and a 63.6% success rate. Gomes covers the Services sector, focusing on stocks such as Information Services Group, Kelly Services, and DLH Holdings.
Fat Brands has an analyst consensus of Moderate Buy, with a price target consensus of $12.00.
Based on Fat Brands’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $6.5 million and GAAP net loss of $7.67 million. In comparison, last year the company earned revenue of $5.25 million and had a GAAP net loss of $954K.