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Article
Publication date: 1 January 2004

Michael Nwogugu

The US restaurant industry and the food‐service industry have undergone tremendous changes during the last decade owing to demographic changes, changes in the family structure…

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Abstract

The US restaurant industry and the food‐service industry have undergone tremendous changes during the last decade owing to demographic changes, changes in the family structure, the increase in the number of working women and senior citizens, advances in technology (inventory management, customer order processing, accounting/financial systems, etc.), availability of financing, changes in the real estate industry (location, negotiation with malls, relationships with developers, etc.), intense competition, the growth in the types and number of marketing channels (including the Internet), increasing number of drive‐through customers, employee training requirements, changes in labor laws, the rate of implementation of technology, changes in food sourcing/purchasing, the growth of the franchising business model, and increasing regulation. These factors have combined to shape the strategic, legal, economic and operational considerations that executives and decision makers should thoroughly understand. This article discusses the issues and challenges facing one company in these two industries and how management and banks have reacted, and then explains strategies for the future. Also discussed are relevant considerations for financial sponsors and companies. Most data and analysis are as of April 2000.

Details

Managerial Auditing Journal, vol. 19 no. 1
Type: Research Article
ISSN: 0268-6902

Keywords

Abstract

Details

Further Documents from F. Taylor Ostrander
Type: Book
ISBN: 978-0-76231-354-9

Case study
Publication date: 1 December 2006

Armand Gilinsky, Raymond H. Lopez, James S. Gould and Robert R. Cangemi

The Beringer Wine Estates Company has been expanding its market share in the premium segment of the wine industry in the 1990's. After operating as a wholly owned subsidiary of…

Abstract

The Beringer Wine Estates Company has been expanding its market share in the premium segment of the wine industry in the 1990's. After operating as a wholly owned subsidiary of the giant Nestlé food company for almost a quarter of a century, the firm was sold in 1996 to new owners, in a leveraged buyout. For the next year and a half, management and the new owners restructured the firm and expanded through internal growth and strategic acquisitions. With a heavy debt load from the LBO, it seemed prudent for management to consider a significant rebalancing of its capital structure. By paying off a portion of its debt and enhancing the equity account, the firm would achieve greater financial flexibility which could enhance its growth rate and business options. Finally, a publicly held common stock would provide management with another “currency” to be used for enhancing its growth rate and overall corporate valuation. With the equity markets in turmoil, significant strategic decisions had to be made quickly. Should the IPO be completed, with the district possibility of a less than successful after market price performance and these implications for pursuing external growth initiatives? A variety of alternative courses of action and their implications for the financial health of the Beringer Company and the financial wealth of Beringer stockholders are integral components of this case.

Details

The CASE Journal, vol. 3 no. 1
Type: Case Study
ISSN: 1544-9106

Abstract

Details

Further Documents from F. Taylor Ostrander
Type: Book
ISBN: 978-0-76231-354-9

Article
Publication date: 29 May 2019

Mohamed A. Ayadi, Skander Lazrak and Dan Xing

The purpose of this paper is to investigate the determinants of bankruptcy protection duration of Canadian public firms, and also investigate the duration for various bankruptcy…

Abstract

Purpose

The purpose of this paper is to investigate the determinants of bankruptcy protection duration of Canadian public firms, and also investigate the duration for various bankruptcy outcomes including the liquidation and re-emergence of bankrupt firms.

Design/methodology/approach

This study uses data on all Canadian public firms that applied for bankruptcy protection over the period 1992–2014. The authors mainly apply duration and survival analyses to draw the main conclusions.

Findings

The authors find that larger and older firms with more complicated structures and issues to settle tend to remain under protection from creditors longer, and also ascertain that the fate of relatively successful companies is determined faster. Moreover, the authors report that it takes less time to achieve a final solution for firms under bankruptcy protection when interest rates are increasing and the term spread is high. Finally, firms that file for protection under the Companies’ Creditors Arrangement Act (CCAA) spend longer restructuring than firms that file under the Bankruptcy and Insolvency Act.

Research limitations/implications

The paper investigates only publicly listed firms. The data on private firms that are required to conduct the research are not available.

Practical implications

Various stakeholders including regulators can predict the bankruptcy protection period using the paper’s findings. Depending on the desired outcomes (reduce uncertainly, safeguard jobs or protect creditors’ rights), specific rules can be followed.

Originality/value

To the authors; knowledge, this is the first paper that investigates the Canadian bankruptcy protection duration. It uses the unique Canadian framework to infer the determinants of bankruptcy protection duration and bankrupt firms’ outcomes.

Details

International Journal of Managerial Finance, vol. 15 no. 5
Type: Research Article
ISSN: 1743-9132

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Article
Publication date: 2 May 2017

Monica Keneley, Graeme Wines and Ameeta Jain

Policy issues associated with the regulation of the unlisted debenture market have been highlighted in recent times with the collapse of a number of regionally based mortgage…

Abstract

Purpose

Policy issues associated with the regulation of the unlisted debenture market have been highlighted in recent times with the collapse of a number of regionally based mortgage companies. The purpose of this paper is to analyse the decline and demise of the unlisted debenture market between 2007-2013 with particular reference to the effectiveness of the regulatory regime in stabilising the industry and protecting investors’ interests.

Design/methodology/approach

A database was constructed which reflected the total population of unlisted mortgage companies in the financial sector. A snapshot approach was used to assess the extent to which these companies complied with regulatory provisions.

Findings

Findings suggest the regulatory process allowed these companies to continue operating despite not complying with the relevant Australian Securities and Investments Commission benchmarks. In the light of the current inquiry into the financial system, the research suggests that a re-evaluation of the regulatory approach is timely.

Research limitations/implications

This research is restricted to a study of one category of debenture issuers (issuers of mortgage finance). It is based on reports required by regulatory authorities. It does not provide an analysis of the motivations of investors in these companies.

Practical/implications

This research has implications for the implementation of regulatory change in respect to oversight of shadow banking activities. It suggested that a passive approach to regulation is not sufficient to ensure that the interests of investors are fully protected.

Originality/value

No prior research has systematically examined the unlisted mortgage and analysed the borrowing and lending activities of companies that have failed and those that have survived.

Details

Accounting Research Journal, vol. 30 no. 01
Type: Research Article
ISSN: 1030-9616

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Article
Publication date: 1 September 2000

Naresh R. Pandit, Gary A.S. Cook, David Milman and Francis C. Chittenden

This paper focuses on the British company voluntary arrangement (CVA) which is a relatively new debtor rehabilitation process particularly intended to help financially troubled…

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Abstract

This paper focuses on the British company voluntary arrangement (CVA) which is a relatively new debtor rehabilitation process particularly intended to help financially troubled small firms resolve their difficulties. Based on a survey that is the largest and most comprehensive on the subject of British CVAs, this paper has three principal objectives: (i) to outline the characteristics of CVAs; (ii) to examine the relationships between CVA success and context; and (iii) to provide managerial and policy recommendations based on these findings. Among other things, the study finds that the overwhelming majority of CVAs are employed by small firms and that they can be particularly successful as a means of recovery when the economic fundamentals of the business are sound, regardless of the line of activity of the firm. Higher levels of success might be achieved, however, if the fixed costs of CVAs were subsidised in the case of very small firms and if more time were allowed during the process.

Details

Journal of Small Business and Enterprise Development, vol. 7 no. 3
Type: Research Article
ISSN: 1462-6004

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Article
Publication date: 1 June 2004

Presents the conclusion of Lauclin Currie's PhD thesis on banking assets and banking theory.

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Abstract

Presents the conclusion of Lauclin Currie's PhD thesis on banking assets and banking theory.

Details

Journal of Economic Studies, vol. 31 no. 3/4
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 1 June 2004

Presents Chapter I of Laughlin Currie's PhD thesis in which he discusses the history of bank assets and banking theory.

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Abstract

Presents Chapter I of Laughlin Currie's PhD thesis in which he discusses the history of bank assets and banking theory.

Details

Journal of Economic Studies, vol. 31 no. 3/4
Type: Research Article
ISSN: 0144-3585

Keywords

Book part
Publication date: 30 October 2020

Yutaka Furuya

It is deservedly recognized that James Steuart advanced a monetary theory in which paper money played an important role. The successful establishment of Scottish banknote…

Abstract

It is deservedly recognized that James Steuart advanced a monetary theory in which paper money played an important role. The successful establishment of Scottish banknote circulation and theoretical influences from his fellow countrymen such as John Law can be pointed out as backgrounds for his monetary theory. Little attention has been given however to the point that Steuart deduced theory on banks and banknotes quite differently from his predecessors. It is of great significance that Steuart’s theory on banks and banknotes in his first draft of The Principles of Political Oeconomy was, in the following years, drastically expanded and reconstructed. The theory in his first draft written in 1764 was based on the opinion that banknotes should be issued only on landed securities, in consideration of ideas from the Scottish banking system. He then expanded the theory into a dynamic three-stage banking theory where he concluded that as economies and credit grew, banks should issue notes not only on the basis of landed securities but also by discounting bills and giving public credit. By this expansion, banknotes gained a broad and central role in his monetary theory, and the expansion gave his monetary theory more ingenious evolutionary aspects.

Details

Research in the History of Economic Thought and Methodology: Including a Symposium on Sir James Steuart: The Political Economy of Money and Trade
Type: Book
ISBN: 978-1-83867-707-7

Keywords

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