Realtors buy two Sammy's locations

i hope they re-invest in a new menu

Seems like a very hefty price tag for these 2 properties.

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Weird he kept the Central location. I guess he needed to raise a certain amount of money

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Didn't someone say that one was changing to a new concept?

Maybe I misunderstood


What sense does it make to invest in a business that went from making money to hemorrhaging money. Unless the fallback is to own the properties and the name and rebuild the image in a year or so when management goes belly up again.

If they are selling assets in order to reinvest it would seem that their cashflow is low. Also all of the other issues coming up recently like whatever happened with losing liquor license and shutting down the Zachary location.

Admittedly, there could be other reasons.

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If they are selling assets in order to reinvest it would seem that their cashflow is low. Also all of the other issues coming up recently like whatever happened with losing liquor license and shutting down the Zachary location.

Admittedly, there could be other reasons.

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Sale and leasebacks are very common in retail and specifically restaurants, McDonalds being a prime example.

Plus Steve Bonfanti was a large percentage owner in the Sammy’s real estate side (he built the three newer locations) and he died recently so I’m sure part of this is to settle his portion for his estate.

And as above hemorrhaging money I don’t see as accurate as Highland is as busy as ever as is Prairieville. Can’t speak for the other two. As far as losing the liquor license that was because the current property taxes weren’t paid, which in the grand scheme of things was a minimal amount of money. From what I understand Sammy had a management firm (cpa) taking care of day to day financial services, payroll, insurance, 940’s etc...and they have since been replaced. I think he was kind of coasting and since Bonfanti died and from this board the guy Jason who opened The Francis was let go and he got in a bind. Now he has to get back involved as well as deal with the new venture on Burbank.

Remember Sammy started out as a bartender/manager for George’s at the overpass before going out on his own. Smokie was in the same boat when he left. He was riding around on his Harley then all of the sudden he had to reengage with his restaurant.

And now he has a cash infusion to put some back into the business and improve it or the security of knowing he has investors that should he decide to would more than likely buy him out completely, which I would venture to guess will happen within the next few years.

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new venture on Burbank

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Like Jones posted, Creole Cabana is a decent concept in a horrible location. Beach volleyball is interesting, but the price point for food is WAY over what could be expected for that area. There weren't many problems (from what I know) until they opened this money pit.

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and from this board the guy Jason who opened The Francis was let go and he got in a bind.

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Jason worked for Sammy's?

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Like Jones posted, Creole Cabana is a decent concept in a horrible location. Beach volleyball is interesting, but the price point for food is WAY over what could be expected for that area. There weren't many problems (from what I know) until they opened this money pit.

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Well it is actually owned by Chris Shaheen and Sammy is just leasing the space for the food. I’ve never been because I don’t play sand volleyball so I haven’t a clue.

And above someone in another Sammy’s is going to implode thread, which are frequent, mentioned some of the problems became apparent when Jason left or was canned. No idea just what was in the other thread.

I do like the Francis and of course can see the similarities.