Word: waldorfized
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Dates: during 1960-1969
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...more interest than Restaurant Associates. Its 19 restaurants-from the tree-decked Four Seasons to the Lucullan Forum of the Twelve Caesars, from the Italianesque Mamma Leone's to the open-all-night Brasserie -are a successful blend of imaginative showmanship, lofty prices and aspiration to high cuisine. Waldorf System, Inc., is a somewhat different chain of restaurants. Its 83 cafeterias, drive-ins and pancake houses in eight states lean heavily on self-service eateries in poor locations, offer such dishes as hash and an egg for 65?. Last week, in a deal that will produce an unusual corporate...
Vine Leaves & Sausage. If the arrangement is ratified by stockholders of both firms-as expected-Waldorf (which has no connection with the Waldorf-Astoria Hotel) will give Restaurant Associates $5,200,000 in Waldorf stock, and thus about two-thirds' control of the combined firm. With sales stuck around $19 million a year for a decade, Waldorf has lost $510,000 over the past three years; Restaurant Associates' sales have climbed 40% to $28 million in that time, produced a $592,000 profit last year. Why, then, should Restaurant Associates want Waldorf...
...explanation: it is really Waldorf that wants Restaurant Associates. In fact, Waldorf already owns 19% of the firm (an investment that cost a mere $1,100,000), has options to acquire up to 49% control and enough cash to exercise them. So cozy are the two concerns that they already have headquarters in the same Manhattan building and, for the past year, have shared the same chairman, Martin Brody, 43, a former industrial caterer. The link between the two: Coffee Importer Abraham F. Wechsler, a founder of Restaurant Associates, whose family also has large holdings in Waldorf...
...Waldorf chain, which is trying to upgrade its image, menus and income, should be able to pick up some ideas from its new partner. Restaurant Associates specializes in distinctive touches, from a sybaritic menu at the Forum (truffle-stuffed quail wrapped in Macedonian vine leaves) to the farm market displays of fresh vegetables, fruits and gourds that decorate the Top of the Fair restaurant at the World's Fair (which the firm took over this year). To wring a profit from its three restaurants in Manhattan's gargantuan new Pan American Building, President and Chief Executive Joseph...
...handsome, grey-haired woman from Prove, Utah, stood before a banquet gathering of 1,000 at Manhattan's Waldorf-Astoria and explained that youngsters "expect a little discipline" and need to be "held to certain ideals." She has the credentials to back up her comment. In 56 years of marriage, she and her engineer husband have seen their six children become a university president, a company vice president, a top corporation lawyer, a mathematician, a physicist, a housewife, and have themselves become grandparents 26 times over. Obviously such a brood exemplifies "family life at its very best...