QUIZNO'S HIRES VETERAN LITTLE CAESARS EXECUTIVE
AS CHIEF OPERATING OFFICER
DENVER, Colo.- Sept. 3, 1998 - The Quizno's Corporation announced today
that Mark Laramie, longtime Little Caesars executive, has accepted an offer to
become QUIZNO'S first Chief Operating Officer.
Rick Schaden, a major shareholder of QUIZNO'S, which franchises and owns
and operates QUIZNO'S Classic Subs restaurants in the U.S. and Canada, remains
the chain's Chief Executive Officer. Schaden and his father, attorney Dick
Schaden, bought the chain in 1991 when there were 18 units. Today QUIZNO'S is
the third largest U.S. sub chain with more than 400 restaurants in 35 states,
Puerto Rico and Canada.
"Our aggressive growth demands that we continue to add talent to meet the
needs of our growing family of restaurants," said Rick Schaden. "Mark Laramie
brings tremendous industry experience to help us get to the next level in our
journey to becoming a national brand."
Laramie recently sold his one third interest in and resigned as CEO of
Peer Group Enterprises, LLC, which held four Little Caesars franchises
operating 53 restaurants in four states.
Prior to that he was a Group Vice President in charge of franchise
operations for Little Caesars Enterprises, Inc., based in Detroit. Laramie
was responsible for more than 3,000 restaurants representing more than $1
billion in annual sales and played a key role in Little Caesars' growth from
400 restaurants to more than 4,000 from 1993 to 1996. As Group Vice
President, he directed all chain activities and staff associated with
franchising, including operations, marketing, legal, real estate, financial,
training, team building, franchise sales and non-traditional development.
Laramie was among five senior executives who worked with the president to
develop and implement all corporate policy, strategic planning, brand
management operating programs and marketing direction. In 1996, he received
recognition from founders Mike and Marion Ilitch for "outstanding individual
contribution to the growth and success of the Little Caesars brand."
At QUIZNO'S, Laramie will focus on the day-to-day operations of the chain
and will report directly to Schaden.
QUIZNO'S has posted Corporate profits for the last four quarters, along
with consistent double digit increases in Corporate revenue and chain wide
sales for the last four years. At the unit level, costs of goods were down by
4 percent across the chain last year, and Same Store Sales were up more than 9
percent in the last three quarters.
This release contains forward-looking statements (as defined in the Private
Securities Litigation Reform Act of 1995) that are subject to risks and
uncertainties that could cause actual results to differ materially from those
set forth in the forward-looking statements. Such risks and uncertainties
include the effect of national and regional economic and market conditions,
the eating habits of the American and Canadian public, cost of labor and
employee benefits, cost of marketing, intensity of competition for locations
as well as customers, perception of food safety, legal claims and the
availability of financing for the Company and its franchisees. Such risks are
detailed from time to time in the Company's reports filed with the SEC,
including the report on Form 10-KSB for the year ended December 31, 1997.
For more information contact: Sue Hoover, Sr. VP, Marketing
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The Quizno's Corporation (303) 291-0999, ext. 3242