O'Charley's, the Nashville-based restaurant chain battling dozens of competitors for casual diners' dollars, has gone through two CEOs, a host of menu changes and a couple of rounds of corporate cost cutting in a bid to stay relevant and profitable.
So far, it has been an uphill battle for the chain that has nine Louisville-area locations.
Many customers say the chain has lost ground in the past three years in all the areas that determine where people like to dine out: food quality, value for the dollar, perceived reputation and service.
Throw in that little matter of declining sales during the U.S. recession and you can begin to understand why no one has managed to stay in the corner office long enough to keep the CEO's chair very warm. The latest top executive to depart was Jeff Warne, who left as CEO a month ago.
"When the team is losing, the coach gets fired," said Bryan Elliott, a restaurant stock analyst with Raymond James and Associates.
To read the rest of the story, please go to: The Courier-Journal (Louisville, KY).
Photo by Samuel M. Simpkins, The Tennessean