Kona Grill

Kona Grill, Inc. is an upscale casual restaurant company based in Scottsdale, Arizona 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]

Kona Grill Inc.
TypePublic
NASDAQ: KONA
Founded1998 (1998)
HeadquartersScottsdale, Arizona
Number of locations
46[1] (2017)
Areas served
United States, Mexico, United Arab Emirates
Key people
Christi Hing (CEO)
Revenue US$ 37.4 million (September 30, 2018)[2]
US$-22m[3] (2016)
Total assetsUS$108m[3] (2016)
Websitekonagrill.com

History

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

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
  1. Walters, Gwen (12 June 2017). "Now open: Kona Grill adds restaurant, test kitchen to Scottsdale Quarter". Arizona Central. Retrieved 19 August 2017.
  2. Ruggless, Ron (Mar 29, 2019). "Kona Grill CEO resigning as brand considers possible sale". Nation's Restaurant News. Retrieved March 29, 2019.
  3. Kona Grill Inc Annual Report 2016 (PDF)
  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. 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". www.wikinvest.com. Retrieved 23 May 2018.
  9. https://www.bizjournals.com/kansascity/stories/2005/06/06/daily6.html
  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. Retrieved 23 May 2018.
  12. Friedman, Nickey. "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. Retrieved 23 May 2018.
  14. Feder, Robert D. (23 May 2018). "Valuing Specific Assets in Divorce". Aspen Publishers Online. Retrieved 23 May 2018 – via Google Books.
  15. "Llega Kona Grill a Monterrey". www.elfinanciero.com.mx. Retrieved 23 May 2018.
  16. "Kona Grill". urbanologie.com. Retrieved 23 May 2018.
  17. "10-Q: KONA GRILL INC". marketwatch.com. Retrieved 23 May 2018.
  18. News is my Business. 2 May 2019 https://newsismybusiness.com/casual-dining-restaurant-chain-kona-grill-seeks-ch-11-bankruptcy-protection/. Missing or empty |title= (help)
  19. "FORM 8-K". U.S. Securities and Exchange Commission. Mar 21, 2019. Retrieved March 29, 2019.
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