Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
can you find me on facebook?
Good news coming soon- Sodexo is not messing around. Don't be surprised if Ufood emerges from Chapter 11 soon- what I don't know is what that means for current shareholders.
Anybody know about a Ufood opening soon at University at Albany-SUNY? According to docket reports there is a deal contingent on this happening- It also says Sodexo plans to open 10.
Best kept secrets. Hopefully the boost in revenue from Sodexo will keep them afloat. As long as the stock is still trading, why wouldn't they at least do a single press release?
It doesn't look good. The still owe 1.7 million and are running out of cash- according to court documents they had 220K on hand when the case was filed and are down to 44K. The court is appointing a bankrupcy examiner to investigate circumstances surrounding the loans, etc.
Found Ufood on the Ellsworth AB Facebook page- They opened June 3! I guess Sodexo is able to cut through the construction red tape a little faster than the others. Time is money. https://www.facebook.com/FlydiningEllsworth
I am not able confirm on the FAA or Ellsworth websites. If true, it's a well kept secret.
Use of borrowed cash extended through June 30, but more interesting is the last page of the court documents that shows Sodexo opening 20 franchises on 7 air force bases, FAA, NSA, Johns Hopkins, and numerous college campuses. Of course we've seen this before and you know how long it takes to open a Ufood franchise but the revenue schedule submitted in court shows 7AF in May and FAA in June. I found this on pacer.gov case #12-19702 but you need to apply for log in and password.
April 2 is D-Day for Ufood: Approval of cash collateral they are using to cover expenses expires on that day- if it's not extended ?? Hearing at 1130 in Worchester.
Ufood's annual report from 2009- sounds like they knew they were doomed from the beginning. Can't believe the number of franchise agreements that were terminated (p11-12 http://www.sec.gov/Archives/edgar/data/1369233/000095012311014111/c11992e10vkza.htm.
I posted the question on the Ft Bliss facebook site. https://www.facebook.com/pages/Freedom-Crossing-at-Fort-Bliss/107207162712. I'm afraid this might mean the investment group is not impressed with Aberdeen and has decided to pull out.
Ft Bliss deal is dead. Bummer.
Ufood has borrowed up to 1.116 million dollars from a group of "supporting noteholders" to maintain operations during reorganization- an agreement that could be terminated or extended March 31. We should know more one way or the other at that time how business is shaping up.
Why not? Worst quick service restaurant in 2012 so has nowhere to go but up. http://www.qsrmagazine.com/exclusives/taking-stock-2012
Finally a press release. Still no volume.
Volume is going to be tough for a bankrupt company that remains silent- not one press release following the Vancouver opening that I could find. We may have more optimism than the company.
Bottom line- they have to offer better food that appeals to the masses. Clearly there is a problem when stores are shutting down- two in Boston, Naples FL, Chicago, and Roseville that I know of. Online reviews are not that great. Change the menu, generate more business, and more franchises will open. They are doing something wrong. Why does musclemaker grill have 65 locations with 22 more "coming soon". Ufood had the Omni Fitness Center "Opening soon" for 2 years and they never did. If Ufood does not wake up, they will never recover.
Ufood in Vancouver opens tomorrow-finally!
Ufood's Net Cash Projections (Initial Bank Balance=331,066)
Jan- (71,450)
Feb- (44,023)
Mar- 1,074 (They expect a bump in royalties this month)
The use of Supporting Noteholder's Cash Collateral terminates Mar 31 but may be extended.
That's a franchise not a company owned store.
Ufood is projecting 8 new locations FY 13 according to court documents filed in Jan.
Looks like Vancouver opens this week, Ft Bliss and hopefully Ft Lewis/McChord down the road. Top 2 execs gone, out of the food truck business, 2 losing stores closed, so hoping the bleeding has been stopped. They claim all other sites are profitable. There was a creditors meeting in Jan, but who knows what happened there. If you want to dig around it's case 12-19702 Massachusetts . http://business-bankruptcies.com/cases/ufood-restaurant-group-inc. We can pray somebody like MBUF LLC steps up to open more, but that seems to be an agonizingly slow process on military bases. Wish I knew if Aberdeen was making money.
http://business-bankruptcies.com/cases/ufood-restaurant-group-inc
UFood Restaurant Group, Inc.
Court Massachusetts Bankruptcy Court Case number 1:12-bk-19702 Assets $100,001 to $500,000
Liabilities $1,000,001 to $10 million
Judge Henry J. Boroff
Chapter 11 Filed Dec 14, 2012
Type voluntary Updated Dec 17, 2012
Last checked Dec 17, 2012
Looks like they closed another Boston location and opened in Vancouver. Somebody finally updated their website. http://www.ufoodgrill.com/Locations/
Oops- Ufood twitter account has now been shut down. Website still promotes the Omni Club as opening soon. No presence on Facebook, e-mails go unanswered. I'm not liking this.
A tweet from Ufood- out of nowhere- last one I saw was about a year ago. Interesting they list locations in Florida and California on their twitter page- nothing in Utah or Maryland. Sometimes it's the little things that annoy people.
What's the association between KITD and udt.? I thought udt. was now a seperate company. "rebranded from"?
Light volume so far today.
Jobs lost as Australia's Kit Digital is placed into administration
http://www.smh.com.au/business/jobs-lost-as-australias-kit-digital-is-placed-into-administration-20130106-2cb2b.html
KITD symbol no longer recognized on yahoo boards. just curious what's up-
Not so sure- they won't respond to emails and when is the last time we had any positive news?
Not sure what Ufood needs, but this is where I thought we'd be by now. The name and better yet the price is suited ideally for military installations. http://www.musclemakergrill.com.
The press release is from Dec 14 but where did you come across the income statement and balance sheet?
I'd feel better with one less zero in front of that 3.
I hope you are right about that- they have no cash and I doubt revenue amounts to much. They need a ton of new franchise grills.
Watertown has been closed. https://twitter.com/search?q=ufood&src=typd
Agreed- too risky to stick more $ in now. Still holding out hope they preserve current shares during reorganization but that may be a dream.
Nice post from Aberdeen: http://www.army.mil/article/93118/
Cost Problem? Poor management. Intersting that only 2 locations are not profitable, so they say. http://www.restfinance.com/content/story.php?article=01007
https://www.facebook.com/#!/pages/Ufood-Grill/113890591974733?fref=ts this from the watertown location- i had no idea.