Long John Silver’s and A&W Headquarters to open in Kentucky
The new owners of Long John Silver’s, LJS Partners, and A & W Restaurants, A Great American Brand, in a press release by Gov. Steve Beshear, announced that their respective headquarters shall be in Kentucky. Said restaurants shall employ 60 and 30 people, respectively, the Courier-Journal.com reported. The Kentucky Economic Development Finance Authority gave the two companies tax incentives to guarantee this move.
State tax incentives approved this week will guarantee that the headquarters of Long John Silver’s and A&W Restaurants will remain in Kentucky as Yum! Brands spins the chains off to new owners.
About 1,300 Long John Silver’s seafood restaurants will be sold in the next few weeks to LJS Partners, a company to be headquartered in Louisville that will employ 60 people, Gov. Steve Beshear announced Thursday.
A&W, the root beer and burger chain, is being acquired by a new startup called A Great American Brand that will employ roughly 30 people in the Lexington area, according to a press release.
The Kentucky Economic Development Finance Authority granted preliminary approval to both companies for tax incentives worth up to $1.5 million for LJS Partners and $600,000 for A Great American Brand if they fulfill their promises to keep the headquarters of the fast food chains in the commonwealth. The incentives are through the Kentucky Business Investment Program.
“Together, our efforts will allow both corporate headquarters to grow faster and larger, as well as expand the international reach of their brands,” Beshear said in the press release.
“We are excited to announce we are staying in Louisville,” the CEO of LJS Partners, Mike Kern, said in the release. “We looked at a number of options ranging from South Carolina to Indiana and Ohio before deciding to locate in Kentucky. Louisville is a great place to live and do business.”
The sale will whittle Yum’s brand portfolio to Taco Bell, Pizza Hut and KFC.
On Wednesday, Yum announced that 65 percent of its profit in 2012 will come from China and other markets abroad, where it will experience double-digit growth, while it streamlines its stagnant U.S. business.
“Yum! Brands is delighted that both Long John Silver’s and A&W will be acquired by companies that plan to keep the headquarters in Kentucky,” Yum spokesman Jonathan Blum said.
Photo by kcadpchair
