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Recently, Moody's investor service listed several companies that, it predicts, will probably not survive 2009. While most of them aren't all that interesting, three key ones caught my eye, as well as my tastebuds. Not only are they endangered; the key three are also popular food joints.Moody's argues that Krispy Kreme's problems come from an over-expansion during the 1990's, and note that the chain hasn't shown a profit in three years. Of course, it's also worth pointing out that every bite of KK deliciousness comes with a hearty helping of sugar, fat, and calories. Even with the chain's announcement that it has cut out trans-fats, it's still hard to connect donuts to a healthy diet. For consumers who are becoming increasingly conscious of the poisons in their food, Krispy Kreme is becoming a tough sell.
The same goes for Sbarro. Moody's points out that many of the pizza seller's outlets are located in malls, which are experiencing very tough times. Moreover, Sbarro apparently has a much higher debt-to-cash ratio than competitors Pizza Hut and Dominos, which also hurts its chances of surviving the recession. What Moody's forgets to point out is that Sbarro's pizza is, frankly, foul. It is a heavy, dull, palate-deadening travesty that is generally foisted on the unwilling, the unwise, and the insensate. There's a reason that Sbarro outlets are rarely located near competing pizzerias: even substandard crud like Domino's tastes like ambrosia when served next to their horrifyingly foul pizza blasphemies.
According to Moody's, Landry's Restaurants basically needs $400 million to finalize a merger that it initiated last year; if it doesn't come up with the money, it will presumably go bankrupt. The other side of this, which Moody's neglected to mention, is that the company, which owns the Rainforest Cafe and Chart House chains, is latched into the low-level eatery niche. With customers cutting back expenses, Landry's is probably finding itself in competition with Mickey D's or even (horrors!) home cooking.
So there it is: the good, the bad, and the ugly; three food retailers that, according to Moody's, probably won't survive the recession. I'm going to miss Krispy Kreme...
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2-14-2009 @10:15AM Neal said... Too bad Landry's can't come up with $400. I think I have that much in my wallet.
Just teasing, Slashfood!
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2-14-2009 @10:43AM RJ said... Looks like I will have to do my part to try to help Krispy Kreme survive!! I'm going to get a doughnut right now!!
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2-14-2009 @12:03PM Don K. said... It still amazes me that anyone finds Krispy Kreme worth visiting. Machine made, generic "fast food" donuts that are just barely above Hostess.
I'll take my local donut house anyday, with their fresh, handmade, everyone is a little different than the last one tasty goodies.
Krispy Kreme is to donuts, what Sbarro is to pizza.
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2-14-2009 @1:32PM Paul said... Never have been a Krispy Queen fan, but IMO Sbarro pizza is far better than Pizza Slut's greasy, nasty excuse for a pie, or Domino's cardboard, bland offering.
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2-14-2009 @2:26PM DanB said... I had no idea that Sbarro existed outside of airport terminal food courts.
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2-14-2009 @5:23PM Kaila said... I will definitely not miss Sbarro. The first time I had a piece of pizza from there was the last. Yuck.
"It is a heavy, dull, palate-deadening travesty that is generally foisted on the unwilling, the unwise, and the insensate."
This line made my day!
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2-14-2009 @5:17PM Rt said... I can't speak to the quality of pizza except that it rose and fell with the chains (good 'ol competition). I certainly enjoyed the "Tony's" in Fort Walton Beach, Florida - but the chains didn't exist yet. Now, it seems, the frozen house brands are as good as a chains - especially when it is a thick crust. I don't eat pizza much any more, I'm old.
The new generation gets to pick the new winners.
Speaking of old, my Krispy Kreme was across the street from the A&W rootbeer stand - A&W closed at nite but KK was open 24 hrs. Being young, with strict parents, seldom was I at the KK past 10pm, but it was the only game in town. The fresh doughnuts were quite good. Being awake at midnite was a treat in itself.
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2-15-2009 @1:03AM doodoolemonque said... Indeed, if trapped on a desert island and forced to choose between Sbarro, Pizza Hut, Domino and Pappa Johns, the choice for me would come down to Sbarro's or death.
I too agree that Kripsy Kreme cannot hold a candle to a good fresh local doughnut. Hmmmm, buttermilk doughnuts. Screw my health. I'm 56 and far enough along to weigh the value/reward/risk of a freshly, deeply fried piece of dough. And at that, I'm not likely to spin that wheel on a mere Kripsy Kreme. Alas, our last, lone doughnut maker opted out of the frying game for healthier fare. I love living in Asheville, but sometimes I wish "the Berkeley of the South" would be a little more like the Big Easy of the north.
How 'bout it Don K, could ya help a brother out and send me a care package?
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2-14-2009 @5:36PM Neal said... Oh, they now added in the word million. Now my first line comment doesn't make sense. Oh, well...
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2-14-2009 @5:45PM sara said... Neal, I saw the original article sans Million. I can vouch that you're not crazy :). Sadly, those sorts of story altering typos seem to be the norm on Slashfood lately...
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2-14-2009 @7:10PM SaraFist said... I'm going to agree with others here that Sbarro is so not the worst of the big pizza chains. Domino's is sickeningly sweet, and Little Caesar's is an abomination in the eyes of god and man.
I do admit, I have a nostalgic fondness for Sbarro. My sister worked at the Pearlridge Sbarro when I was little, and would sometimes bring me a slice as a treat. And when I lived in a tiny Iowa town, we loved escaping the horrors of Sodexho-Marriot by driving 45 minutes to a mall with Sbarro. It's bad, yes, but a beloved bad.
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2-14-2009 @7:54PM Bernie B said... ""It is a heavy, dull, palate-deadening travesty that is generally foisted on the unwilling, the unwise, and the insensate."
This line made my day!"
Mine too. My first experience with food in that just because it looks good, doesn't necessarily mean that it is.
Up here in Michigan, all the donuts are super-laden with sugar. I'd hate to see Krisy Kreme fail as while I don't like the super sweet product they are still far better than the imitators.
Dominoes used to be good like 20 years ago, but they changed the sauce somewhere down the line to its current weird incarnation. I just buy Freschetta half the time as it's cheaper and better than many carry-out places.
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2-15-2009 @9:59AM doodoolemonque said... I'd heard that Michigan had been going through really rough times, but frozen pizza? Are there really no good, local pizza places in Michigan? That stimulus plan get signed quick enough. Lobby your congressman for a pizza bailout.
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2-15-2009 @1:08PM jenny said... Also Sbarro pizza has trans fat in it. Something that is totally unnecessary for pizza dough unless your ingredients are ANCIENT. I had a piece of their cheese pizza at an airport (nothing else was available) and looked it up online after I ate and was disgusted someone would use trans fat in pizza.
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2-16-2009 @8:55AM Bernie B said... Not that there aren't some good pizza places around Michigan, it's that they're outnumbered 5 to 1 by mediocre food chains (Dominoes, Hungry Howies, Little Ceasars, etc.). As chains go, Detroit has Buddy's Pizza which is really good (square deep-dish with sauce on top of ingredients). There's a very few decent mom & pop places where I live, but not always convenient. Freschetta's thin crust pizza is better than a lot of nearby joints.
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2-16-2009 @4:03PM Bruce Watson said... Sara and Neal-
Geez, you guys, give a guy a break! Neal, I caught your original comment and fixed the typo. Unfortunately, because of a glitch in Slashfood's code, I couldn't reply to your message.
Man, tough crowd...
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2-17-2009 @5:54PM Monika said... Of all the US pizza chains, Sbarro is the only one I'd eat. Granted, it's gone a bit downhill as of late, but I still love the tomato-spinach-broccoli pizza. I used to drive an hour to the big mall near my hometown, see a movie, and specially order a whole pizza to drive home with.
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2-19-2009 @12:39PM Gruggers said... The new Krispy Kreme lasted only a year in Missoula, Montana, before going belly up. Not being able to develop a sizable commercial market into the local shopping malls and grocery stores was ostensibly given as the reason, but people here are simply trying to live a heathier lifestyle and KK didn't fit into the mix. The KK building is now another BANK!
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2-19-2009 @12:35PM Mike Pomranz said... I recall reading an article in Fortune back in 2007 where Investor Nelson Peltz called out Krispy Kreme back in 2004. Article: http://money.cnn.com/magazines/fortune/fortune_archive/2007/04/02/8403476/index.htm. That company's been doomed for awhile now.
Still, I don't think we'll see the end of Krispy Kreme entirely. Though the store locations might fold, the name is still associated with quality doughnuts, so I'm sure someone would be able to keep the brand afloat as a retail product in supermarkets.
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