TAKEOUT TAXI OPERATORS BUY OUT FORMER FRANCHISOR

On July 20, 2004 , a group of Takeout Taxi operators completed the purchase of the trademarks and other key assets from their now-defunct franchisor.  The Takeout Taxi brand, established in the early 1990’s, is the largest and best-known national name in the Restaurant delivery industry. The members of the group operate delivery services in 15 major markets across the country, including the Boston , Chicago , Houston , Los Angeles , San Francisco and Washington D.C. metropolitan areas. The Takeout Taxi operators rang up combined sales of over $23,000,000 last year.

“We are excited about the opportunities that lie ahead,” said Mark Loranger , co-owner of Takeout Taxi in Los Angeles . “The strength of the Takeout Taxi system has always been its operators. Now that we have control of the brand, we can continue to concentrate on the basics of growing our business: providing great service to our customers and driving sales for our restaurant partners.”

In 2003 the franchisor's parent company filed for chapter 7 bankruptcy protection.  Successful negotiations with the secured creditors led to the asset purchase agreement, according to Ellen R. Lokker, attorney for the operators.

Demand for off-premises dining continues to grow. According to the NPD Group, a Port Washington , N.Y. research firm, takeout and delivery orders have increased 6% i the last year and make up 10% o the overall volume at casual-dining restaurants. With key national restaurant partners such as California Pizza Kitchen, Chevy’s, Hamburger Hamlet, and T.G.I Friday’s, the Takeout Taxi operators are well-positioned to take advantage of this trend.