PRN were perhaps less than totally honest in their recent joint venture announcement which is, as many on twitter have speculated looks nothing more than an acquisition of indoorDIRECT, the firing of their Dallas based staff and creating a new entity to hold the assets that indoorDIRECT (that was rumoured to be in trouble for some time) held.
indoorDIRECT’s business mainstay, that of QSRs will always be a challenge. We believe that giving those assets to PRN is an attempt for indoorDIRECT investors to recoup some of their investment to date. As usual it’s the employees that get hit the hardest.
Mind you this is a good move for PRN, new CEO Ahmad Ouri has obviously hit the ground running; despite the press statement they have obviously picked up a whole bunch of contracts on the cheap (albeit QSR – see above caveat), added some seasoned executives to their management team and now rather than just talking about expansion (as they have been for the last two or three years) they have actually DONE SOMETHING!