Industry Restaurants Founded 1916 | Traded as NASDAQ: NATH Products Hot dogs CEO Eric Gatoff (1 Jan 2007–) | |
Area served United States, Mexico, Australia, Costa Rica, Jamaica, Dominican Republic, Turkey, Egypt, Kyrgyzstan, Russia, Kuwait, Latvia, Malaysia, Panama Key people Howard M. Lorber(Executive Chairman)Eric Gatoff(Chief Executive Officer)Wayne Norbitz(President and Chief Operating Officer) Stock price NATH (NASDAQ) US$ 60.50 -1.30 (-2.10%)20 Mar, 4:00 PM GMT-4 - Disclaimer Subsidiaries Nathan's Famous Systems, Inc Profiles | ||
Nathan's Famous, Inc. is an American company that operates a chain of fast food restaurants specializing in hot dogs.
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The original Nathan's restaurant stands at the corner of Surf and Stillwell Avenues in the Coney Island neighborhood of the Brooklyn borough of New York City, New York.
The company's headquarters are at One Jericho Plaza in Jericho, New York, part of Oyster Bay, New York.
History
Nathan's began as a nickel hot dog stand in Coney Island in 1916 and bears the name of co-founder Nathan Handwerker (June 14, 1892 – March 24, 1974), who started the business with his wife, Ida Handwerker, née Ida Greenwald. Ida created the hot dog recipe they used, and Ida's grandmother created the secret spice recipe.
Jewish immigrant Handwerker arrived in New York City in 1912 and soon found work at the Coney Island, Brooklyn, restaurant Feltman's German Gardens. By one account, he was encouraged by singing waiters Eddie Cantor and Jimmy Durante to go into business in competition with Feltman's; as United Press International noted in 1974, "There are many stories about Nathan and how the business began, but this is the way he told it..." The company's official history does not mention the future stars' encouragement. Nathan and Ida spent their life savings of $300 to begin the business.
Handwerker undercut Feltman's by charging five cents for a hot dog when his former employer was charging 10 cents. At a time when food regulation was in its infancy and the pedigree of the hot dog particularly suspect, Handwerker ensured that men wearing surgeon's smocks were seen eating at his stand to reassure potential customers. The business proved immensely popular.
The expansion of the chain was overseen by Nathan Handwerker's son, Murray Handwerker. A second branch on Long Beach Road in Oceanside, New York, opened in 1959, and another debuted in Yonkers, New York, in 1965. Murray Handwerker was named the president of Nathan's Famous in 1968, the year the company went public.
All locations were sold by the Handwerker family to a group of private investors in 1987, at which point Nathan's was franchised and a great number of establishments were opened around New York City and beyond. In the 1990s, the company acquired Kenny Rogers Roasters and Miami Subs Grill, both of which were later divested.
As of September 2001, the company consisted of 24 company-owned units, 380 franchised or licensed units and more than 1,400 stores in 50 states, Guam, the District of Columbia and 17 foreign countries, including Kandahar Airfield, Afghanistan. One unit was lost due to the collapse of Two World Trade Center from the September 11, 2001, attacks.
International master franchise agreements were signed (circa 2006) with Egypt and Israel. The company also owns the exclusive co-branding rights to the Arthur Treacher's Fish and Chips chain.
Original location
The original Nathan's hot dog stand still exists, as of 2016, on its original 1916 site. Having been open for business every day, 365 days a year, the stand was forced to close on October 29, 2012, due to Hurricane Sandy. The shop re-opened six months later, on May 21, despite a small fire on May 4, 2013. Service is provided year-round inside, and during the summer additional walk-up windows are opened to serve the larger seasonal crowds.
Hot-dog eating contest
The Nathan's Hot Dog Eating Contest has been held at the original location on Coney Island since the early 1970s. Contestants try to consume as many hot dogs as possible in 10 minutes. Winners include Takeru Kobayashi (2001–2006) and Joey Chestnut (2008–2014) in July 2008, Chestnut tied Kobayashi after eating 59 HDB in 10 minutes. The tie resulted in a five hot-dog eat-off, which Chestnut won by consuming all five before Kobayashi. Chestnut was beaten by Matt Stonie in 2015, but regained the title in 2016.