History
Boston Chicken, Inc. originally formed the Einstein and Noah Bagel Corporation as Progressive Bagel Concepts, Incorporated (PBCI) in March 1995, when it purchased three retail bagel chains, all located in regions of the United States that did not have longstanding bagel traditions. These companies included Offerdahl's Bagel Gourmet, Incorporated (Fort Lauderdale), Bagel & Bagel, Incorporated (Kansas City) and Brackman Brothers, Incorporated (Salt Lake City). Each found that their stores were similar in that they offered both original and new bagel flavors in rich neighborhoods where the customers had relatively little previous exposure to bagels. The conglomerate created a national retail chain specializing in bagel-shaped pastries and complementary products. PBCI began as a chain of 24 bagel shops.
Einstein Bros. originated from Boston Chicken (now known as Boston Market). Boston Market was looking for a way to sell breakfast food. Boston Chicken poured around $80 million into the business venture to get it off of the ground. PBCI gathered additional financial resources through a private stock offering, which earned $20 million.
The company quickly expanded the Einstein Bros. Bagels brand by taking over smaller chains and independent bagelries, as well as building their own stores anew. In August 1995 PBCI bought Baltimore Bagel Company, a chain of 13 stores in San Diego, and two stores in Orange County, California. They also bought 9 Bagel Stop stores in Denver, assimilating them to the Einstein Bros. chain.
Einstein Bros. menus now include a large and changing menu of salads and sandwiches. Recent advertising and billboards have prominently featured photos of non-breakfast items to reinforce the point that Einstein Bros. sells more than bagels.
After receiving the necessary financing, PBCI opened its first Einstein Bros. bagel store in Ogden, Utah, in June 1995. The store featured bagels baked fresh all day, and served in a cafe style atmosphere. Bagels and cream cheese were sold in both new and traditional flavors. Replacing human bakers with machines, and using cheaper ingredients (e.g. corn syrup instead of honey), allowed the company to offer bagels at 45 cents apiece, much less than their competition. After experimenting at the Ogden store, PBCI started expanding more and registered Einstein Bros. for trademark status.
On August 17, 1997, EBBI opened its 500th location, and became the largest retail 'bagel' company in the nation, surpassing Bruegger's at 473 stores. As of October 1997 ENBC had 546 bagel stores in 29 states and Washington, D.C., operated under various brand names, primarily Einstein Bros. and Noah's New York Bagels.
Read more about this topic: Einstein Bros. Bagels
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