Burger King (NYSE: BKC), typically abbreviated as BK, is a world chain of hamburger quick meals eating places headquartered in unincorporated Miami-Dade County, Florida, United States. Burger King Holdings is the mother or father firm of Burger King; in the USA it operates beneath the Burger King Brands title whereas internationally it operates underneath the Burger King Company banner. The corporate started as a Jacksonville, Florida-based mostly restaurant chain in 1953. Initially referred to as Insta-Burger King. After the corporate bumped into monetary difficulties in 1955, its two Miami-based mostly franchisees, David Edgerton and James McLamore, bought the corporate and rechristened it Burger King. Over the following half century the corporate would commerce fingers 4 instances, with its third set of householders, a partnership of TPG Capital, Bain Capital, and Goldman Sachs Capital Companions, taking the corporate public in 2002. The present possession group, 3G Capital of Brazil, acquired a majority stake within the firm in a deal valued at $three.26 billion (bn) in late 2010.
On the finish of fiscal 12 months 2010, Burger King reported it has greater than 12,200 retailers in seventy three international locations; sixty six% are in the US and ninety% are privately owned and operated. The corporate has greater than 38,800 staff serving roughly eleven.four million prospects every day.
Over the course of its historical past the corporate has used a number of variations of franchising to develop its operations. In North America, franchises are licensed on a per retailer foundation, whereas in a number of worldwide places licenses are offered on a regional foundation with franchises proudly owning unique improvement rights for the area or nation. These regional franchises are generally known as grasp franchises, and are accountable for opening new eating places, licensing new third occasion operators, and performing requirements oversight of all restaurant places in these nations; the most important instance of a grasp franchise is Hungry Jack’s, which completely owns, operates or sub-licenses over 300 eating places in Australia. Regardless of its reliance on its franchisees for almost all of its income, Burger King’s relationship with its franchises has not at all times been harmonious.
Ocasional spats between the 2 have prompted quite a few points, and in a number of cases the corporate’s and its licensees’ relations have degenerated into precedent setting courtroom circumstances.