Tenesa Pickett, left, takes an order from customers at lunch inside the Big River Grille on Broad Street.Craftworks CEO Srinivas Kumar:* 2011 to present — Head of Pearle Vision* 1988 to 2011 — Various roles at Dunkin Brands* 1983 to 1988 — Various roles at UnileverCraftworks locations:Old Chicago — 96*Gordon Biersch — 34Rock Bottom — 32Big River Grille — 3ChopHouse — 3Blue Water Grille — 1A1A Ale Works — 1Ragtime Tavern — 1Rhythm & Brews — 1Seven Bridges — 1Sing Sing — 1Walnut Brewery — 1* includes about 35 franchised locationsCraftworks Restaurants and Breweries:* Majority owner — New York-based Centerbridge Capital Partners LP* Staff: About 10,000 employees* Headquarters staff — About 130* Founded — Big River Breweries was founded in 1993 by restaurateur Tim Hennen and acquired Gordon Biersch in 1999. Rock Bottom Restaurants was founded in 1976, then merged with Gordon Biersch in November 2010 to become Craftworks.Source: Craftworks, News reportsTimeline1979 — Old Chicago founded in Louisville, Colo., by Frank Day1979 — Boulder Beer receives brewing license as Colorado’s first microbrewery1990 — Rock Bottom Brewery founded by Day under Rock Bottom Restaurants umbrella that includes Old Chicago and other brands1993 — Big River Grille & Brewing Works opened downtown by Tim Hennen, part of an investment group that included Allen Corey, Rob Gentry and Jon Kinsey.1997 — Allen Corey becomes CEO of Big River1999 — Big River acquires Gordon Biersch restaurants, adopting Gordon Biersch name2006 — Bluewater Grille launched in downtown Chattanooga, Big River Grille & Brewing Works opened at nearby Hamilton Place2010 — Centerbridge Capital Partners buys majority of both Rock Bottom Restaurants and Gordon Biersch Brewery Restaurant Group, renaming the new company Craftworks Restaurants & Breweries. Corey stays on as CEO of the combined restaurant group, with Day taking over duties as chairman of the board2011 — Craftworks moves headquarters to downtown Chattanooga2013 — CEO Allen Corey steps down2014 — Company hires Srinivas KumarSource: Craftworks, news reports
Chattanooga-based Craftworks Restaurants & Breweries has hired turnaround wizard Srinivas Kumar to lift the company’s fortunes and boost profitability at a time when the casual dining market is under pressure.
Kumar, who will lead Craftworks from its Denver office rather than from Chattanooga, built a career out of taking over troubled brands and turning their losses into profits. While there’s potential for Craftworks to grow, particularly its Old Chicago brand, there is also substantial work to be done in other segments where growth has leveled off, Kumar said.
“My view is, if a brand is not growing, then you’re losing market share,” Kumar said. “So if I put the brewery segment together, Gordon Biersch and Rock Bottom, the unit level growth is slower than category level growth. That’s why I define it as a turnaround. They’ve done a lot of work, it needs more refinement.”
Kumar’s acknowledgement that Craftworks’ growth has slowed contrasts with statements officials made upon the departure of former CEO Allen Corey, who stepped down suddenly in April 2013. The search for a new leader, which began with an address to employees but no public announcement, was expected to last about six months.