On January 7, Pizza Inn Holdings Inc. changed its name to become RAVE Restaurant Group Inc. The new name and a new “RAVE” trading symbol will be reflected on NASDAQ on January 9. The renamed company includes Pie Five Pizza Co., the fast-casual pizza company, and Pizza Inn, one of the nation’s first dine-in pizza chains.
“Our new name, RAVE Restaurant Group, is a better reflection of our transformation,” says Randy Gier, chief eating officer of RAVE Restaurant Group. “We are no longer a slow growth, single-brand restaurant company. We have high expectations for ourselves and our brands.
“We are laser focused on becoming world-class restaurant operators,” he adds. “In fact, the RAVE name comes from the first principle of our operating mission vision and values: ‘To create raveable, craveable, comeback quality food for our guests.’‘Restaurant Group’ reflects the multiple brands in our portfolio, today and into the future.
“Pie Five is leading the explosive fast-casual pizza segment with solid unit level economics, impressive comparable store sales growth, and a strong pipeline of new corporate and franchise stores,” Gier says. “We are seeing continued double-digit comp store sales performance, the expansion of company markets, and the signing of new franchise partners. The total number of new franchise and company-owned stores anticipated over the next five to six years is now over 400 restaurants.
“We are equally pleased with the performance of our Pizza Inn brand,” he says. “A brand which has struggled to grow in recent years has now recorded three consecutive quarters of comparable sales growth, and is continuing those trends into 2015. We have developed a strong partnership with our franchise leadership, and are systematically addressing our barriers to growth. This started with fixing some fundamental quality issues and is extending into aligned marketing initiatives, improved operating standards, and the development of tools and training for our restaurant managers and crew that will allow them to run world class restaurants across the system.”
“The stabilization, and now positive growth, of the Pizza Inn brand is critical to us,” says Tim Mullany, CFO. “It is not only our flagship brand and an important source of cash flow, but we have a commitment to our franchise partners, many of whom have made Pizza Inn their family business. Most importantly, we’re building a team of highly talented restaurant professionals and an infrastructure to support growth and consistent performance.”