Tuesday, August 23, 2016

The Profit - Farrell's Ice Cream Parlour Restaurants Update

Photo - CNBC
Tonight on the season premiere of The Profit Marcus Lemonis is in Buena Park, California with hopes of making a deal with Farrell's Ice Cream Parlour Restaurants. Farrell's Ice Cream Parlour is a chain of restaurants that specialize in ice cream sundaes and also have food and a candy store.  The Farrell's brand once had 130 locations, but after new owners took over all locations eventually closed.  In 2009 the current owners decided to try to resurrect the brand.  They are currently having issue with a few stores losing money and may have expanded too quickly.

Let's take a look at some information related to Farrell's Ice Cream Parlour Restaurants as well as what kind of deal was made on the show.





News and Links Related To The Company:
  • Here is an extended sneak peak of the episode from The Profit Facebook page which has the first 16 minutes of the episode.
  • Here is the Farrell's Ice Cream website and their Facebook Page 
  • The History section of Farrell's Ice Cream gives the back story of the company.  It went from 130 locations down to zero, and someone tried to bring it back in 1996, but legal issues from 2003-2008 stopped development.  In 2009 the owners featured on The Profit began to expand Farrell's.
  • There are currently five locations of Farrell's Ice Cream with four in California (Brea, Riverside, Buena Park, Santa Clarita) and one in Hawaii.
  • On August 1, 2016, the Sacramento location of Farrell's abruptly closed after they were unable to come to an agreement over its lease and because it was losing money (Link).  Around the same time the Rancho Cucamonga location also closed for the same reasons (Link).  Back in January 2016, a Mission Viejo location of Farrell's closed (Link).
  • Marcus Lemonis responded to articles about the Sacramento closing on Twitter by saying "Stay Tuned" and "Let's see what happens on August 23rd" (Link)
  • An article right before the episode aired had some details on the changes made to Farrell's by Marcus Lemonis.  Farrell's is "changing its ice cream recipe, enhancing the food and revamping the in-store candy shops."  They will be using Bob Farrell's original recipes and it will be made by Thrifty Ice Cream.  The changes will be rolled out after the episode of The Profit airs and the company said they currently have no plans to expand any time soon.  Marcus spent seven months shooting at the Buena Park location for the show.
    • Sweet Pete's (season 2) helped with the candy store makeover around July 2016 (Link).

The Deal From The Episode Plus Post-Show Updates (this will be updated continually):

  • The Deal - $750,000 for 51% of the business.  The money would go into the stores and the Buena Park location would be the prototype for other locations.  Later on Travis was given 5% equity of the company, which came out of Marcus' share.
  • As stated above the Rancho Cucamonga and Sacramento locations of Farrell's have closed.
  • Farrell's now has a candy shop called Farrell's Candy Shoppe that sells candy online.  Here is the website.  The candy sold on the site includes candy hand crafted from Sweet Pete's (season 2 of The Profit).




*To see how all of the businesses from The Profit are doing, go to the The Profit Updates page, and also Like us on Facebook or Follow Us on Twitter to stay up to date with all things involving The Profit.

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