Restaurant Chains Now Worth Less
Restaurant Chains Now Worth Less
2011-09-13 HuffingtonPost
Many publicly-traded restaurant chains are now worth less than the property they own, according to a fantastic Bloomberg report from this morning. The article attributed this strange phenomenon to two factors: a gradual rebound in commercial real estate values and lingering weakness in the restaurant industry, which is especially sensitive to changes in consumer income. Together, they have led the paper values of some companies, including Ruby Tuesday's and Cracker Barrel, to fall below the total value of the property on their balance sheets, sometimes dramatically so. Ruby Tuesday's owns $1 billion of real estate but only has a market cap of $468 million.
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