Morton's Sells Out....again
Morton's as a chain has gone public/private about three times in the last ten years. Now it is selling itself again to Landry's chain. Price for this gem, about $116 million. I don't understand why a chain that sells its basic strip for $57 and a baked potato for $11 can't make money. Maybe because it charges way too much for wet aged beef unless you are on a corporate platinum card.
Looks like it makes some money, just not in most recent quarter or same quarter last year. Looks like in between it had some positive earnings. Landry's is buying up lots of stuff!
I don't get the fascination for paying ridiculous sums of money for a piece of grilled meat. I've never been to a Morton's, but I only needed one experience at a Ruth's Chris to convince me that it's best to seek out the locals. For every town that has one of the above there has to be a local steak place that a) is much less expensive, and b) worthy of local support. That being said, I will consider a special occasion meal at our local Fleming's. The prices are not quite as astronomical as the big boys, and the sides and wines by the glass are truly exceptional.