Church’s Fried Chicken Inc., which rejected a...
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Church’s Fried Chicken Inc., which rejected a $296-million takeover offer from rival Popeyes on Monday as inadequate, announced plans to close about 100 unprofitable outlets. The San Antonio, Tex.-based company operates over 1,100 U.S outlets and franchises. The company predicted a 5% boost in sales this year, but analysts were not enthusiastic about its prospects. “At some point, the board has to decide to allow an outsider to take a shot at this thing,” analyst Jay Friedman of Kidder, Peabody & Co. said of Church’s sluggish performance.
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