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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Act of 1934
Date of Report (Date of earliest event reported): August 27, 1997
BOSTON CHICKEN, INC.
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(Exact name of registrant as specified in this charter)
Delaware 0-22802 36-3904053
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(State or other (Commission (IRS Employer
jurisdiction of File No.) Identification No.)
incorporation)
14103 Denver West Parkway, P.O. Box 4086, Golden, Colorado 80401-4086
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(Address of principal executive offices)
(303) 278-9500
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(Registrant's telephone number, including area code)
Not applicable
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(Former name or former address, if changes since last report)
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Item 5. Other Events.
On August 27, 1997, Boston Chicken, Inc. (the "Company") announced that the
Company had acquired a majority equity interest in Progressive Food Concepts,
Inc. ("PFCI"). PFCI was formed in January 1997 to explore additional
opportunities in home meal replacement. Following the acquisition, the Company
now owns approximately 85% of the equity of PFCI. At the request of the Company,
PFCI has been conducting a test of an expanded Boston Market concept in
Charlotte, North Carolina that combines Boston Market's traditional homestyle
hot foods with fresh, chilled prepared salads and meals, as well as an expanded
line of deserts. Based upon the strong initial response to such test, the
Company plans to expand the test to 16 Boston Market stores in the Denver
metropolitan area that the Company has acquired from BCE West, L.P., the
Company's area developer in the southwest U.S.
The Company also announced that, as earlier reported, Saad J. Nadhir, PFCI
chairman and co-founder of the Company, will rejoin the Board of Directors of
the Company as Co-Chairman. Mr. Nadhir will become Co-Chairman and Chief
Executive Officer of the Company as of October 1, 1997. Scott A. Beck, currently
the Company's Chairman, President and Chief Executive Officer, will become Co-
Chairman and retain his position as President of the Company.
The Company also announced that it has converted its loan to Mayfair
Partners, L.P., the Company's area developer in Washington, D.C., northern
Virginia and portions of Maryland, into a 75% equity interest. The
transaction increases the Company's store base by 53 stores. Together with the
Company's purchase of 16 Denver-area stores from BCE West, the Company has 296
Company stores, approximately 25% of the Boston Market system. The Company does
not presently intend to purchase any of the minority interest of Mayfair.
Certain statements in this report constitute "forward-looking statements"
and involve risks, uncertainties and other factors which may cause the actual
results and the performance of the Company, its area developers and franchisees,
and its and their Boston Market stores to be materially different from the
results, performance or achievements expressed or implied by such statements.
Such factors include, among others: availability and cost of capital; success of
operating initiatives; development and operating costs; area developers'
adherence to development schedules; advertising and promotional efforts; store
performance; adverse publicity; changes in business strategy, including the
possible integration of fresh, chilled prepared foods in the Boston Market
concept; changes in development plans; availability, locations, and terms of
sites for store development; and other factors set forth in the Company's
filings with the Securities and Exchange Commission.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Dated: August 27, 1997
BOSTON CHICKEN, INC.
By: /s/ Mark W. Stephens
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Mark W. Stephens
Vice Chairman of the Board and Chief
Financial Officer
