Perkins Restaurant & Bakery

The Perkins chain was established in 1957, when Matt and Ivan Perkins opened what was called Smithies Pancake House in Cincinnati, Ohio.[2] In 1958, the chain expanded as a franchise. One franchisee in Minnesota, Wyman Nelson, introduced an expanded menu and an aggressive advertising campaign in 1967.

From 1969 to 1978, Nelson consolidated Perkins and another chain, Smitty's, into Perkins 'Cake & Steak'. From headquarters in Edina, Minnesota, he assumed nationwide development control of the company, and focused on opening over 220 restaurants. In 1979, Matt and Ivan retired, selling their remaining interest in the company, including trademark and distribution rights. In August 1979, Perkins became a wholly owned subsidiary of Memphis-based Holiday Inn, and corporate headquarters were established in Memphis, Tennessee.

In 1985, restaurant entrepreneur Donald N. Smith, who then served on the Board of Directors of Holiday Inn, purchased an ownership interest in Perkins, becoming Chairman of the Board and the company's CEO.

The company was renamed Perkins Family Restaurants in 1987 and was organized into a master limited partnership with interests publicly traded on the New York Stock Exchange. The corporation expanded into Canada, opening a restaurant in Thunder Bay, Ontario. In 1990, the company began its philanthropic relationship with Give Kids the World, contributing money and meals to the Florida-based charity for terminally ill children globally.

Matt Perkins died of heart disease in 1991 at age 79,[3] and Ivan Perkins died on February 11, 1998. At the time of Ivan's death, the franchise had 462 restaurants in 32 states.[4]

A Perkins Restaurant and Bakery in Gillette, Wyoming

Older Perkins logo

In the 2000s, Perkins underwent business changes. In 2000, it merged with a wholly owned subsidiary of The Restaurant Company (TRC). In 2005, TRC was acquired by Castle Harlan, a New York-based private equity investment firm, for approximately US$245 million.[5][6] In May 2006, the parent company acquired Marie Callender's, a chain of casual dining restaurants also known for their freshly baked pies, and combined it with the Perkins chain, forming Perkins & Marie Callender's Inc.[7]

In June 2011, many restaurants were closed with no notice given to customers or staff. Closures occurred in Colorado, Kansas, Illinois, Tennessee, Florida, Michigan, and Minnesota.[8][9] Later that month, Perkins & Marie Callender's Inc. filed for Chapter 11 bankruptcy. PMCI closed 65 restaurants and laid off 2,500 workers. In the bankruptcy proceedings PMCI listed assets of $290 million and liabilities of $441 million. PMCI emerged from bankruptcy at the end of November 2011 under the control of Wayzata Investment Partners, but continued to experience difficulties. In May 2012, it was announced that all western New York Perkins restaurants, except for its Olean, New York, location, would close.[10][11]

On August 5, 2019, its parent company Perkins & Marie Callender's filed for bankruptcy while announcing the closure of 29 of their under-performing restaurants.[12][13] The following month, several of its locations in northern Pennsylvania closed.[14][15]

On September 12, 2019, it was announced that Ascent Hospitality Management of Atlanta, Georgia, would acquire all remaining Perkins restaurants, a total of 342 units.[16] On May 10, 2023, a health inspector shut down the Urbana, Illinois location after a fourth consecutive inspection found refrigerated food being stored at unsafe temperatures.[17]