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Benihana Inc.

Company type	NASDAQ
Founded	1964
Founder	Rocky Aoki
Headquarters	Miami, Florida, U.S.
Key people	Richard Stockinger (CEO, President)
Products	Japanese cuisine
Revenue	US$ 272.65 million (2007)
Operating income	US$ 21.80 million (2007)
Net income	US$ 14.9 million (2007)
Total assets	US$ 204.29 million (2007)
Total equity	US$ 161.84 million (2007)
Number of employees	5,000
Divisions	Benihana, Samurai, Haru, RA Sushi
Website	benihana.com

Benihana (Nasdaq: BNHN, Nasdaq: BNHNA) is a Doral, Florida-based (suburb of Miami, Florida) American company that owns or franchises nearly 80 Japanese cuisine restaurants around the world including its flagship Benihana brand as well as the Haru (fusion cuisine), and RA Sushi restaurants.

History

The company was founded in 1964 on West 56th Street in New York City by 25-year-old Hiroaki "Rocky" Aoki.

Aoki, a wrestler who had qualified for but did not attend the 1960 Summer Olympics started the restaurant with $10,000 earned from driving an ice cream truck in Harlem. The first restaurant, Benihana of Tokyo, was named for the red Safflower that was the name for the coffee shop owned by his parents in Tokyo.

Aoki's concept was for the meals to be theatrically prepared by a knife-wielding, joke-telling chef at a teppanyaki table surrounded by a wooden eating surface in front of the guests (Teppan meaning "steel grill" or "griddle" and yaki meaning "grilled", "broiled", and "fried"). It initially did not do well until early 1965 when Clementine Paddleford of the New York Herald Tribune gave it a rave review. The Beatles and Muhammad Ali were among the celebrities who then descended on the four-seat restaurant.

Within a year Aoki opened a bigger restaurant that featured Samurai armor, heavy wooden ceiling beams and sliding Shoji screens to provide some privacy.

In 1968 it opened its first restaurant outside of New York City in Chicago.

Aoki brought in consultant Hardwicke Companies (its founder Charles H. Stein was the original developer of Six Flags Great Adventure and also operated various New York restaurants including Tavern on the Green) as a partner to run the company in 1976. Aoki was to terminate the relationship in 1980 and was to settle a Securities and Exchange Commission complaint of insider trading of Hardwicke stock.

In 1982 Benihana National Corporation went public with Joel Schwartz as president. Some of the restaurants continued to be privately owned by Aoki. The company had some missteps including the opening of the upscale Big Splash restaurant and a frozen foods division Benihana National Classics. Its stock dived and shareholders sued over management including the fact that Aoki still had his privately held restaurants of the same name.

In 1995 all of the Benihana Restaurants were consolidated under Benihana Inc.

The company has since expanded by purchasing the Haru and RA Sushi restaurants, which operate under those names. Haru is based in New York City; RA has locations across the country, and is based out of Scottsdale, Arizona, with its original four locations scattered around the greater Phoenix area. Although Benihana owns these concepts, they are independently operated and were developed autonomously. It also acquired the Samurai and Kyoto restaurants which it has incorporated into its other brands.

In 2004 the company issued stock to renovate its restaurants and expand. The stock diluted Aoki control of the chain and the family sued. However, the Delaware Court of Chancery has upheld the decision.

Benihana's famous figural "tiki mugs" for exotic cocktails, the most common of which depicts "Hotei" a chubby buddha-like figure with arms raised in the air, have become collectible.

Founder Hiroaki "Rocky" Aoki died in 2008 at the age of 69.

In 2009 Richard C. Stockinger became chief executive to replace Joel A. Schwartz, and in 2010 became president as Juan C. Garcia resigned.

International locations

Currently Benihana is present in 17 countries

Benihana Group stores Benihana stores

References

1. ^ finance.google.com
2. "Company Profile for Benihana Inc (BNHNA)". Retrieved 2008-10-21.
3. Walker, Elaine. "Doral, Fla.-Based Benihana Discloses Secret of Its Success." Knight Ridder/Tribune Business News. May 26, 1999. Retrieved on January 9, 2010.
4. "Franchising Contacts." Benihana. Retrieved on January 9, 2010.
5. ^ Benihana, Inc. profile - International Directory of Company Histories, Vol. 18. St. James Press, 1997 - Via fundinguniverse.com - Retrieved February 16, 2008
6. Benihana Inc · 8-K · For 12/9/05 · EX-99.1 - secinfo.com
7. Obituary
8. Ruggless, Ron."Benihana names new CEO as Schwartz retires." Nations Restaurant News. February 10, 2009. Retrieved, February 19, 2010.
9. Ruggless, Ron."Benihana begins work with turnaround firm." Nations Restaurant News. January 14, 2009. Retrieved, February 19, 2010.

• Collier, David A. (2006). Operations Management: Goods Services and Value Chains (2nd ed. ed.). South-western College Pub. ISBN 0-324-17939-1. {{cite book}}: |edition= has extra text (help); Unknown parameter |coauthors= ignored (|author= suggested) (help)
• Sasser Jr., W. Earl and John R. Klug (2004-07-20). "Benihana of Tokyo". revision, orig. pub. 1972. Harvard Business School Case. {{cite journal}}: |access-date= requires |url= (help); Cite journal requires |journal= (help); Unknown parameter |http://harvardbusinessonline.hbsp.harvard.edu/b02/en/common/item_detail.jhtml?id= ignored (help)
• Rosengarten, David (2003). It's All American Food (1st ed. ed.). Little, Brown and Company. ISBN 0-316-05315-5. {{cite book}}: |edition= has extra text (help)

External links

• Benihana Restaurant homepage
• Benihana Group homepage
• The Japan Project: Made in Japan (American Film Foundation)

• Companies based in Doral, Florida
• 1964 establishments
• Restaurant chains in the United States
• Japanese restaurants