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Stock impact report

Chi-Chi's plans new restaurants more than 20 years after its bankruptcy [Yahoo! Finance]

Hormel Foods Corporation (HRL) 
Last hormel foods corporation earnings: 2/20 06:30 am Check Earnings Report
US:NYSE Investor Relations: investor.hormelfoods.com
Company Research Source: Yahoo! Finance
The locations would be the first since Chi-Chi's filed for bankruptcy protection in 2003. Michael McDermott, the son of Chi-Chi's founder, said he struck an agreement with Hormel Foods to open the restaurants. Austin, Minnesota-based Hormel owns the Chi-Chi's trademark and produces Chi-Chi's-branded chips and salsas "The Chi-Chi's brand is one of the most beloved, respected, and well-known names in the Mexican food category," Hormel said Thursday in a statement. “The legacy and spirit of the brand remain strong, and we're excited about the upcoming relaunch of Chi-Chi's restaurant locations.” McDermott, a restauranteur who also founded Kona Grill and Rojo Mexican Grill, didn't say how many locations he planned to open or where. McDermott said the restaurants would be an updated version of the classic Chi-Chi's. “We have seen the impact our restaurant has had on individuals and families across the country and believe there is a strong opportunity to bring the brand back in a wa Show less Read more
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