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St. Louis Park-Based Granite City Deregisters Stock

In a move to save the restaurant chain thousands, they’re “going dark.”

Known for its portion sizes, microbrews and abundance of television screens, Granite City made its name in the heyday of the late 1990s, springing up from its St. Louis Park roots to communities as diverse as Maple Grove and Rosedale to Fargo, N.D.

It’s survived the restaurant recession of 2008 and beyond, but just barely. And now, the publicly traded company is deregistering its stock, according to the Minneapolis Business Journal. The move, dubbed “going dark” by money managers, will hit the franchise hard, but will save it hundreds of thousands of dollars, according to owners.

With just 36 locations and stocks trading around $2.50 per share a couple of months ago, Granite City was hardly a stock exchange giant. Still, the SEC filings and other information a publicly traded company must provide annually costs money, to the tune of hundreds of thousands of dollars, ownership said. (Pulling that info from the public puts the restaurant ‘in the dark,’ so to speak. Hence the term).

CEO Rob Doran hinted at deregistering back in October, so stocks had bailed to the $1 mark, Business Insider said. The deal should be done in early 2014, after the business provides its 2013 information.

It’s not known if this will save the franchise from closing any locations, though GC hasn't hinted at any shutdowns in 2014. 

Mike B. December 04, 2013 at 05:46 PM
I ate at the SLP Granite City once. Very mediocre at best. Portion sizes? I was hungrier when I left than when I went in!!
Rob December 05, 2013 at 09:30 AM
A rational comment from Mike B.? It must be the beer. I would actually agree: mediocre beer, decent food... meh.
David Dyer December 05, 2013 at 11:27 AM
Really enjoyed Granite City around 2007/2008, then the quality started going down, they took good stuff off the menu, and started making ever thing "Buffalo" style. Have not been back since.
Mike B. December 05, 2013 at 12:32 PM
Another chain that went downhill was what is now Baker's Square. When Poppin' Fresh Pie was independent, the food was excellent. Then Pillsbury got its hands on it, changed the name to Baker's Square, and it's nowhere as good. I had a piece of cherry pie at Baker's Square about ten years ago. It was all sugary goo, and no cherries. Never went back.
Emily B December 07, 2013 at 07:30 PM
Ate at Granite City once about 4 or 5 years ago... nothing special and a rather "eh" type of experience, and I remember them really pushing their beer club. Not surprised they are in this situation.

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