Food Industry
Industry: Email Alert RSS FeedBoston Chicken, Harry's team for expansion
Nation's Restaurant News, Feb 10, 1997
GOLDEN, Colo. -- Boston Chicken Inc., in tandem with supermarket operator Harry's Farmers Market Inc., is forming a new company that will seek to place Boston Market prepared foods in supermarkets and other nontraditional venues.
Progressive Food Concepts Inc., which will be funded by a $17 million convertible loan from BCI and other private investments, also will make a $23 million investment in publicly held Harry's Farmers Market Inc. and evaluate expansion of Harry's concepts outside Georgia and Alabama.
Saad Nadir, co-chairman and president of BCI, will resign those posts to become chairman and chief executive of the new company. Scott Beck, chairman and chief executive of BCI, will assume the additional role of president of BCI. Harry Blazer, Harry's chairman and chief executive, will serve on the board of PFCI.
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Harry's, based in Atlanta, operates three upscale supermarkets and two smaller Harry's in a Hurry stores offering prepared foods and other items. PFCI would own 43 percent of Harry's if its investment is converted to stock.
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