420 Branches Closed, Will Waffle House Survive COVID-19?
On normal operations, Waffle House reports annual revenue of at least $1.3 billion. However, the business can only offer drive-through and take-out services right now due to the multiple lockdowns and stay-at-home orders across the country.
This led the business to achieve only 30% of what they normally earn from their sales. Thousands of the business' staff are also unfortunately laid off.
Taking On Every Challenge
The admiration of FEMA to Waffle House had started approximately 50 years ago when Rogers took control of the business while taking on every challenge that hurricanes brought forth in different states of the country.
Rogers discovered that when he showed up to a branch and helped with service, so did a lot of the business' employees.
Joe Rogers, Jr. Inheriting the Business
Rogers was 26 when he entered the business in 1973. During that time, the business had four-family ownership groups, and his family had only 30 percent control over the different locations of the business.
This changed after five years when a financial crisis hit the nation. During that period, the gas shortage started to surface. This led to the consolidation of ownership within Rogers' family. Currently, their family has a controlling interest in the business.
He devised an employee ownership plan which gives 3,500 staff of the business with a portion of ownership in the business. Rogers was also successful at ending the reliance of the business on debt.
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