Type Subsidiary Number of locations 60 Founded 1979 | Predecessor Traditional Concepts Revenue $351 million (2010) Parent organization Landry's, Inc. | |
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Industry Restaurant and catering Key people William T. Freeman (CEO)
Michelle M. Lantow (CFO) Headquarters Houston, Texas, United States Subsidiaries McCormick & Schmick Restaurant Corp Founders William McCormick, Douglas Schmick, Bill McCormick Profiles | ||
McCormick & Schmick's Seafood Restaurants Inc. is an American seafood restaurant chain, based in Portland, Oregon. As of October 2016, the company operates 72 locations in North America under various brands, including 60 restaurants across 22 U.S. states, as well as 12 Canadian locations that operate under the Boathouse name. A sale to the parent company, Landry's, Inc., was completed in January 2012.
History
The company dates its roots back to the 1970s, with Bill McCormick's purchase of Jake's Famous Crawfish, a 100-plus year-old restaurant in Portland, Oregon. McCormick hired Douglas Schmick for management, and the two formed Traditional Concepts in 1974, the precursor to the McCormick & Schmick's restaurants.
The original McCormick & Schmick's restaurant was opened in 1979 in Portland. This 9,400-square-foot (870 m2) location in downtown was located in the Henry Failing Building. In 2004, the company became a publicly traded company after an initial public offering. As of 2009, there are almost 100 restaurants and catering locations in the United States and Canada. In June 2009, the company closed the original location in Portland. The chain is famous for its generous happy hour, and its landmark $1.95 half-pound cheeseburger. The price was changed to $2.95 in the spring of 2009.
On April 4, 2011, Tilman J. Fertitta, who was already the company's single largest individual shareholder, made a bid to take McCormick & Schmick's private, offering $9.25 per share for the company's outstanding shares, a 30 percent premium over its April 1 closing price. An offer of $8.75 per share was accepted by McCormick & Schmick's board in November 2011, with the purchase expected to be completed by January 2012. Operations would be merged into Landry's Restaurants, though Feritta expected to "keep some sort of an office in Portland." The sale to the conglomerate was completed in January 2012, and the once publicly traded company was removed from the NASDAQ exchange after trading under the MSSR symbol from 2004 until 2012.