Perkins History

It takes key ingredients to be successful in the restaurant business for more than 40 years and The Restaurant Company knows just the right recipe.

According to company executives, "Consistently serving a wide variety of quality foods in a family-oriented environment with genuine care and attention to detail is the foundation of our business. We spice it up by offering signature entrees, delicious items baked fresh daily and unique menu additions to satisfy the ever-changing tastes of our customer."

Perkins commitment to quality and innovation began in 1958 when Matt and Ivan Perkins opened their first pancake house in Cincinnati, Ohio. Today's Perkins still serves pancakes and excels at breakfast fare. Restaurants also offer some 100 breakfast lunch and dinner items with signature dishes including specialty omelettes, melt sandwiches and bread bowl salads.

Perkins has a very strong research and development group, with a solid track record of creating, testing and introducing new and tempting menu items. Delicious, distinctive, value-priced entrees keep loyal customers happy while attracting new trial business.

To further distinguish the brand, each Perkins Restaurant & Bakery currently incorporates in-store bakeries serving fresh-baked, premium quality Mammoth Muffins^®, cookies, and luscious treats.

Seniors and children also are special at Perkins. The chain offers its "Fifty-Five Plus" collection with breakfast, lunch and dinner entrees at special value prices for guests 55 years of age or older.

Its Kids' Menu has fun foods like bear pancakes, chicken nuggets and pizza wheels. Many Perkins restaurants have a new "KidPerks^®" program with free cookie and beverage with the purchase of a kid's meal, as well as toys and interactive games to make Perkins restaurants an even more fun place for children and families.

Perkins Milestones

The success enjoyed by Perkins over the past forty years reflects the vision, determination, effort and hard work of countless numbers of employees as well as the continued loyal patronage of millions of Perkins guests. The following provides a glimpse at the Company's milestones.

1958

Matt and Ivan Perkins open their first Perkins Pancake House in Cincinnati, Ohio. They introduce a secret buttermilk pancake recipe. Their delicious product offering, coupled with a personalized approach to service, quickly gains Perkins Pancake House a reputation for having the best pancakes in town!

1958-1969

During the next decade, Matt and Ivan realize the solid growth potential for their concept and allow for expansion through franchising. In addition, product development includes the introduction of new menu items including sandwiches and several entrees items.

1967

Minnesota Franchisee, Wyman Nelson, introduces an expanded menu and an aggressive advertising campaign. He develops a growing interest in expanding the Perkins brand beyond his initial territory.

1969-1978

Nelson consolidates Smitty's and Perkins into Perkins 'Cake & Steak' to gain national brand awareness for the chain and assumes nationwide development control of Perkins 'Cake & Steak,' Inc. In a quest to grow quickly and steadily, Nelson focuses on opening over 220 Perkins Cake & Steak House restaurants.

1978-1979

Matt & Ivan Perkins decide to retire and sell their final interest in the Company including all trademark and distribution rights. In August 1979, Perkins becomes a wholly owned subsidiary of Memphis-based Holiday Inns, Inc. Corporate headquarters are established in Memphis, Tennessee.

1985

Seasoned restaurant entrepreneur Donald N. Smith, who served on the Board of Directors of Holiday Inns, purchases ownership interest in Perkins and becomes Chairman of the Board and Chief Executive Officer of the Company. He brings over twenty years of restaurant leadership to the position.

1986

Smith begins to refine and upgrade the Perkins concept through building re-modeling, the introduction of in-store bakeries and the development of distinctive brand imagery and standardized signage. Renewed emphasis is placed on fine-quality, table service family dining. Recipe modifications and new signature items including updated omelettes, melt sandwiches and salads are introduced.

1987

The Company is renamed Perkins Family Restaurants and organized into a master limited partnership with interests publicly traded on the New York Stock Exchange.

1988

Perkins expands internationally, opening a restaurant in Thunder Bay, Ontario, Canada.

1990

Perkins begins its philanthropic relationship with Give Kids the World, contributing both money and free meals to the Florida based charity, dedicated to fulfilling the wishes of terminally ill children from around the world.

1991

Perkins Promise of 100% Guest Satisfaction and Quality Forever for Everyone is published and becomes the cultural benchmark for the Company - "In everything we do, we commit ourselves to our guests and our co-workers."

1992

The first new Perkins prototype opens in Springfield, Illinois. Featuring a new arched exterior façade with neon lights and an interior design that incorporates a central kitchen and bakery with separate dining wings for increased efficiency and guest satisfaction, the building reflects a more upscale look consistent with its expanded menu offerings and personalized service.

2000

Perkins Family Restaurants, L.P. completes its merger with a wholly owned subsidiary of The Restaurant Company. The Restaurant Company (TRC), owned by Chairman of the Board and Chief Executive Officer Donald N. Smith, Harrah's Entertainment and the Equitable Life Assurance Company, becomes sole owner of Perkins Family Restaurants.

2000

The Restaurant Company announces a recapitalization resulting in a new holding company structure with Donald N. Smith, CEO of the company and BankBoston Ventures, Inc., a subsidiary of Fleet Boston Financial Corp., as its two stockholders. It is announced that the company's operations will be conducted through The Restaurant Company under the trade name Perkins Restaurant and Bakery.

2003

The Restaurant Company reports system-wide restaurant sales of $811 million. Company-operated restaurants average annual sales in 2003 were $1.795 million, while franchised units achieved $1.563 million in average sales per unit. In 2003, the company and its franchises opened 8 restaurants.

2004

The Restaurant Company operates or franchises 494 full-service restaurants in 34 states and five Canadian provinces.