Business Ventures
By 1993, the computer enterprise grew into the computer software distributor Netsolace.
In 1999, he and his brothers partnered to open the first Edible Arrangements store in Hamden, Connecticut. The business specializes in fresh fruit arrangements, melding the concept of fruit baskets with design inspired by the floral business. After designing the computer systems, training manuals, production and profitability tracking and supply chain management process, they began franchising the concept in 2001. As president and CEO, Farid has grown the company to more than 1,000 stores serving locations in the United States, Canada, Puerto Rico, the United Arab Emirates, Saudi Arabia, Kuwait, Qatar, Bahrain, Italy, Hong Kong, India, and Jordan. In March 2008 the company was reported to have revenues of $195 million.
In 2006, Farid also launched the franchise concept Frutation by Edible Arrangements out of his desire to provide consumers an “on-the-go” option.
In 2010, Edible Arrangements faced dissatisfaction from some of its franchisees. In January 2010, more than 270 franchisees presented Farid with individual letters expressing opposition to corporate policies and practices that they considered to be harmful to their individual franchised businesses. The franchisees formed an association known as "EA Independent Franchisees Association, LLC", or "EAIFA" and hired an attorney to represent them in possible litigation. On September 20, 2010 the group filed a lawsuit in federal court on behalf of 170 franchisees, alleging that several changes the company made in its franchise agreements were unfair or violated contractual obligations to the franchisees. Edible Arrangements International, responded to inquiries about the lawsuit by saying that they strongly disagreed with the accusations and would vigorously defend the complaint. The company subsequently initiated a motion in the courts to dismiss the case, but this attempt was denied by a District of Connecticut judge on July 19, 2011 and the franchisees were granted authority to pursue the case on all claims.
Read more about this topic: Tariq Farid
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