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America’s Next Great Restaurant information

America's Next Great RestaurantWe recently reported that two of the three locations for Soul Daddy, the restaurant concept which won America’s Next Great Restaurant, had closed after only a few weeks. Word was that all of the resources were being shifted to support the remaining restaurant in Minneapolis. Now this last location has closed as well.

A PR statement reads, “This was a difficult decision for us, as we wanted to see Soul Daddy succeed, but the restaurant simply was not performing as we had hoped. We’d like to thank all of the customers who tried our restaurants and the people who worked hard to try to make the restaurants succeed.”

According to Portfolio’s estimates, the failure cost more than $3 million. Chipolte Corp. put in about $2.3 million. Chipotle founder Steve Ells and his fellow judges/investors Bobby Flay, Lorena Garcia, and Curtis Stone supposedly contributed $220,000 each. While the judges probably made more from appearing on the now-cancelled series and benefited from the exposure, that’s still a lot of money.

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America’s Next Great Restaurant

America’s Next Great Restaurant

People from various walks of life are given the opportunity to see their original restaurant concept spring to life -- to open it as a restaurant chain in Hollywood, Minneapolis and New York City. Funding the restaurant concepts are four accredited investors: distinguished restaurateur Bobby Flay, internationally renowned chef Curtis Stone, executive chef and restaurateur Lorena Garcia, and Steve Ells, the founder, chairman and co-CEO of Chipotle. After a nationwide search, the top 21 competitors present their restaurant concepts to the investors and 11 are quickly eliminated. The remaining 10 then battle it out over the course of the season. The investors also serve as mentors to the competitiors and work side-by-side with them to further develop their concepts and to put them through rigorous business and cooking challenges. The goal is to uncover which idea has what it takes to become America's next great restaurant.

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