Nathan’s Famous on the Chopping Block! Is America’s Favorite Hot Dog Chain About to Be Sold?
Get Ready, Hot Dog Lovers! Nathan’s Famous, the legendary hot dog institution that has fed the thrill-seekers of Coney Island for over a century, is weighing a potential sale! Yes, you heard it right! This iconic chain, known for the wild and outrageous hot dog-eating contest that draws crowds like no other, might be looking for a new owner!
Sources inside the sizzling grill reveal that Nathan’s is in preliminary discussions to sell itself! But hold your buns—there’s a chance this juicy deal could fizzle out. Depending on how talks unfold, Nathan’s could stick to its guns and remain publicly listed. The suspense is palpable!
With a market cap soaring at around $350 million and its stocks dancing up nearly 12% this year, could something big be cooking? Shares hit $87.51 on Wednesday, proving that Nathan’s is still a hot ticket in the food world!
And who might grab the mustard-drenched reins? Private equity firms and major food titans are eyeing Nathan’s! The brand has been stacking cash in recent quarters, raking in over $31 million just last month—a shocking 9% jump from last year! Let’s not forget, they also dished out a cash dividend—this company is cooking up profits!
While many food chains are struggling post-COVID, Nathan’s is thriving with its 230 locations worldwide, selling tons of branded goodies through licensing deals. Howard Lorber, the real estate mogul and chairman, holds a juicy 25% of the shares and isn’t backing down!
Tracing back to its humble origins in 1916, Nathan Handwerker turned a $300 loan into a hot dog empire! From a single stand on Coney Island to becoming synonymous with Independence Day gluttony, Nathan’s has transcended mere food to become an American tradition. Each July 4th, they host the ‘hot dog original’ contest that’s more thrilling than any rollercoaster, attracting upwards of 40,000 fans!
And don’t forget, the original hot dog stand is still serving up heat just steps away from the legendary Cyclone rollercoaster! Will Nathan’s take the plunge and cash out, or will they continue to serve the world their beloved dogs? Stay tuned as this story unfolds and brace yourselves for whatever might come next!
photo credit: www.ft.com
