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.