| Type | Public |
|---|---|
| Traded as | NYSE: MRT |
| Industry | Restaurants |
| Founded | 1978 in Chicago, Illinois |
| Headquarters | Chicago, IL, United States |
| Key people | Chris Artinian (CEO) Klaus Fritsch (Chairman) |
| Products | Steaks |
| Revenue | $353.8 million US$ (2007)[1] |
| Net income | $13.0 million US$ (2007)[2] |
| Employees | 5,000 (2008) |
| Website | www.mortons.com |
Morton's Restaurant Group, Inc. (NYSE: MRT) is the world's largest owner and operator of company-owned upscale restaurants,[3] with locations in the United States, Canada, Mexico, Puerto Rico, Hong Kong, Macau, Shanghai and Singapore. The company operates three concepts: Morton's The Steakhouse, Bertolini's Authentic Trattoria, and Trevi.
Contents |
Morton's The Steakhouse (formerly Morton's of Chicago) was founded in 1978 by Arnie Morton and Klaus Fritsch. Today, there are 76 locations in the chain. Morton's locations are decorated with a similar style, concept and decor. Approximately 80% of the business for Morton's is based on business expense accounts, with an average guest bill being $88. 80% of the entrees ordered are beef, while that total makes up 38% of the restaurant's overall sales. The wine list includes entries at over $5000 a bottle.[4] In March 2009, Morton's introduced “power hours” that feature $6 plates between 4:30-6:30 pm and after 9 pm.[5] Morton's has been affected by the recession and has begun closing underperforming restaurants. So far in 2009 they have closed 5 locations including: Southfield, MI; Westchester, IL; Minneapolis, MN; Columbus, OH; Vancouver, BC.
Besides the paper menu, Morton's offers a visually presented menu. The server rolls a meat cart to the table with raw samples of the meats on the menu. This presentation includes a detailed description of the preparation of each item. At that time that the server will also ask the guest if they would like to order one of their signature desserts which have a lengthy preparation time, thus needing to be ordered early in the meal.
Morton's The Steakhouse serves prime beef, the highest grade given by the USDA, sourced from a meat packer in Chicago, IL. The meat is aged on location for 3–4 weeks using a wet-aging process which means the meat is aged inside of a cryo-vacuumed bag. The meat is cooked to order on an 1800 degree broiler for service. Meat cuts offered include filet mignon, Porterhouse, New York strip steak, Chicago-style bone-in ribeye and bone-in prime rib.[6]
Acquisition By Landry's Inc. On December 16, 2011, Morton’s Restaurant Group, Inc. announced that it has signed a definitive agreement with Tilman J. Fertitta’s wholly owned company Fertitta Morton’s Restaurants Inc. (”Fertitta”), an affiliate of Landry’s, Inc., whereby Feritta, through an acquisition subsidiary, will acquire all of the outstanding shares of Morton’s for $6.90 per share in cash, representing a premium of approximately 34% to the Company’s closing price on December 15, 2011 and a premium of approximately 30% to the weighted average 30-day trading price immediately preceding this announcement.
On September 15, 2006 the former Bertolini's location in The Forum Shops at Caesars in Las Vegas, which opened in 1992, closed for renovation. On February 2, 2007 it reopened as TREVI, billed as an Italian brasserie. The restaurant was designed by the Rockwell Group whom have also designed Nobu and Vong. The restaurant features cafe-style dining and a walk-up gelato/espresso bar.[7][8]
|
Arizona
California
Colorado
Connecticut
District of Columbia
Florida
Georgia
Hawaii
|
Illinois
Indiana
Kentucky
Louisiana
Maryland
Massachusetts
Michigan
Missouri
Nevada
New Jersey
New York
|
North Carolina
Ohio
Oregon
Pennsylvania
Puerto Rico
Tennessee
Texas
Virginia
Washington
International
|
Works cited
|