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Famous Dave's of America Inc. Message Board

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    • Actually the person who wrote that article doesn't know much about the company. The Atlanta closings were due to a franchise that failed to make payments to the company. The company repo'd the stores and closed them.

      This was explained in the last 2 CC's.

      • 2 Replies to Spaldo44
      • There is much the company did not mention about this. The company has no obligation to take over the operation of franchisees. Franchisees take the business risk associated with this. Why would they take over operations at the Atlanta locations and then close them down 3 months later? The key point that they left out was that the franchisee was Martin O'Dowd who was CEO of Famous Dave's before Goronkin and was the former boss of the current CEO Chris O'Donnell. Two possibilities exist. The first is that Famous Dave's was the leaseholder name on the lease. O'Dowd ran the operations and made the lease payments as long as things were going good but as soon as things got difficult, he just handed the reins back to the company and walked away. O'Donnell then chose to close the locations. The second possiblility is that Martin O'Dowds name was on the leases and his old buddy that used to work for him named Chris O'Donnell chose to bail him out and have Famous Dave's and it's shareholders swallow the $2.5 million to close things down and let O'Dowd walk away and avoid bankruptcy. This would be extremely sleazy and make Rod Blagojevich look like a choir boy. Although, Wilson Craft, who was CEO for 6 months and telecommuted from Atlanta (he never actually move to the Corporate headquarters in Minnesota), may have been buddies with O'Dowd in Atlanta and let him off the hook.

      • if that's true which it could be WHY DIDN'T THEY AS A COMPANY JUST TAKE OVER THE STORES? This company has poor management, has to get back to the core business foundation that it was built on and stop counting money. PERIOD! Until then avoid this stock until you see at the min. one year of consistant growth 25%+ qtr after qtr. Too many great looking stocks that are paying huge returns instead. This stock is cheap for a reason.

    • yourbestfriendintheworld yourbestfriendintheworld Dec 16, 2008 3:24 PM Flag

      Everyone's yoy numbers are off.

      There's a recession on.

      DAVE is in the right position to capitalize on a return to growth in the economy.

      Good food isn't going away. Exposure in most cases is limited to franchise rights. Some stores may close, but others will open.

      The financials are good enough to hold this stock, and the stock is cheap enough to buy at the first sign of worldwide positive economic flow.

 
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