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Kona Grill

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Kona Grill Inc.
Company typePublic
Nasdaq: KONA
Founded1998; 26 years ago (1998)
HeadquartersDenver, Colorado
Number of locations
46[1] (2017)
Areas served
United States, Mexico, United Arab Emirates
Key people
Christi Hing (CEO)
RevenueDecrease US$ 37.4 million (September 30, 2018)[2]
US$-22m[3] (2016)
Total assetsUS$108m[3] (2016)
Websitekonagrill.com

Kona Grill, Inc. is an upscale casual restaurant company based in Denver, Colorado serving American cuisine, sushi, and cocktails.[4] The company owns and operates around 40 restaurants[5] in 23 U.S. states, as well as three international locations operating under franchise agreements.[6] In 2019, STK Parent company, One Hospitality Group purchased Kona Grill for $25 million.[7]

History

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Kona Grill first opened its doors on September 18, 1998, at the Scottsdale Fashion Square. The restaurant's predecessor was a sushi concept called Sushi on Shea that opened in Scottsdale in 1994. Restaurant founder, Michael McDermott, decided to create Kona Grill with more American-themed menu items. The new restaurant was made to have a modern ambiance. McDermott sold Sushi on Shea in 2002 to focus on expanding Kona Grill.[8]

Kona Grill went public on August 16, 2005, with an initial public offering of $11 per share on the NASDAQ. The company raised $28.8 million and grew its restaurant base to 9 locations by December 31, 2005.[9][10]

By 2014, Kona Grill had grown to 26 restaurants in 17 states. In 2014, it saw same-store sales growth in 14 out of its past 15 quarters with an increase of 6.2%, ranking the concept in the top quartile of the casual dining segment and marking it as one of the fastest growing restaurants that year.[11][12]

In August 2017, Kona opened its first international franchise location at Fashion Drive in Monterrey, Mexico. It opened a location at Al Seef in Dubai, UAE that November, and a location in Vaughan, Canada in December 2017.[13][14][15][16][17]

On March 4, 2019, Kona Grill Hired Piper Jaffray to seek a merger or the sale of Kona Grill[2]

On April 30, 2019, Kona Grill filed for Chapter 11 bankruptcy protection. Locations across the country including in Arizona, Texas, Hawaii, Puerto Rico and Virginia closed the spring of 2019.[18]

Corporate

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On March 21, 2019, Shawn Hassel took a seat on the Board of Directors as Chair of the company's Strategic Alternatives Committee.[19] On March 27, 2019, Kona Grill's Executive Chairman Berke Bakay resigned.[19] A federal bankruptcy court has approved the sale of 24 Kona Grill polished-causal restaurants for $20.3 million to Williston Holding, reported by Restaurant Business on July 26, 2019.

References

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  1. ^ Walters, Gwen (12 June 2017). "Now open: Kona Grill adds restaurant, test kitchen to Scottsdale Quarter". Arizona Central. Retrieved 19 August 2017.
  2. ^ a b Ruggless, Ron (Mar 29, 2019). "Kona Grill CEO resigning as brand considers possible sale". Nation's Restaurant News. Retrieved March 29, 2019.
  3. ^ a b Kona Grill Inc Annual Report 2016 (PDF), archived from the original (PDF) on 2017-08-20, retrieved 2021-01-12
  4. ^ Goldstein, Robin S.; Herschkowitsch, Alexis (1 November 2007). Fearless Critic Houston Restaurant Guide: Brutally Honest Undercover Chefs and Food Writers Rate More Than 400 Places to Eat. Fearless Critic Media. ISBN 9780974014340. Retrieved 23 May 2018 – via Google Books.
  5. ^ Ruggless, Ron (Apr 9, 2019). "Kona Grill names Christi Hing as interim CEO". Nation's Restaurant News. Retrieved Apr 9, 2019.
  6. ^ "Kona Grill makes adjustments to increase sales". SanTan Sun News. June 17, 2017. Retrieved July 14, 2017.
  7. ^ "One Group acquires Kona Grill". Nation's Restaurant News. 2019-10-07. Retrieved 2021-02-07.
  8. ^ "e10vk". Wikinvest. Archived from the original on 29 April 2018. Retrieved 23 May 2018.
  9. ^ "Kona Grill files for IPO". www.bizjournals.com. Retrieved 2021-10-14.
  10. ^ Gelsi, Steve. "Kona Grill prices IPO atop range". marketwatch.com. Retrieved 23 May 2018.
  11. ^ "SEC FILING - Kona Grill Inc Form S-3". services.corporate-ir.net. Archived from the original on 29 April 2018. Retrieved 23 May 2018.
  12. ^ Friedman, Nickey (27 July 2014). "Will Kona Grill Be the Fastest Growing Restaurant Chain of 2014?". fool.com. Retrieved 23 May 2018.
  13. ^ "New Kona Grill for Canada - Franchise Advice - Global Franchise". www.globalfranchisemagazine.com. Archived from the original on 11 October 2018. Retrieved 23 May 2018.
  14. ^ Feder, Robert D. (23 May 2018). Valuing Specific Assets in Divorce. Aspen Publishers Online. ISBN 9780735513594. Retrieved 23 May 2018 – via Google Books.
  15. ^ "Llega Kona Grill a Monterrey". www.elfinanciero.com.mx. 4 August 2017. Retrieved 23 May 2018.
  16. ^ "Kona Grill". urbanologie.com. Retrieved 23 May 2018.
  17. ^ "10-Q: KONA GRILL INC". marketwatch.com. Archived from the original on 2018-04-29. Retrieved 23 May 2018.
  18. ^ "Casual dining restaurant chain Kona Grill seeks Ch. 11 bankruptcy protection". News is my Business. 2 May 2019.
  19. ^ a b "FORM 8-K". U.S. Securities and Exchange Commission. Mar 21, 2019. Retrieved March 29, 2019.
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