Sbarro sales continue sliding, some family members forced out

 
Nov. 23, 2003

MELVILLE, N.Y.—Sales woes continue at Sbarro, which has struggled since 9/11 terrorist attacks on the U.S. dampened traffic at malls and airports.

According to a report in Restaurant Business citing a Nov. 19 Securities and Exchange Commission filing, same-store sales at Sbarro's namesake properties fell 2.4 percent in the quarter ended Oct. 5. Its other concepts posted a 3.9 percent decline.

Additionally, the once-firm hold the Sbarro family members have held on their pizza chain is loosening. According to the report, Gennaro Sbarro stepped down on Oct. 31 as corporate vice president and president of Sbarro's casual and fine-dining division, a post he held since 2000. He retains, however, a $22,500-a-month consulting job with the company.

Additionally, the SEC filing said three of Anthony Sbarro's sons were fired during the period, and paid severances of $60,000 each.


Topics: Public Companies


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