Heads roll at McCormick & Schmick
Now that it's been taken over by Landry's, the Portland-based restaurant chain isn't so Portland-based any more:
Landry’s closed a $131 million deal to acquire the Portland restaurant chain Tuesday and quickly moved to terminate executives including CEO Bill Freeman, co-founder William McCormick and others.It also closed at least nine restaurants, according to a source familiar with the situation.
Landry’s retained employees in the human resources and accounting departments at McCormick & Schmick’s corporate headquarters in the Pearl District.
It isn't too much of a surprise, but the loss of more high-end executive jobs is not good news for the tax bases of Portland and Oregon. "These jobs are goin', boys, and they ain't comin' back."
Adding injury to insult is that the new owner is a Bush look-alike from Houston. Ewwww, just ewwww.
| Posted at 6:43 AM | Permalink |
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Comments (4)
I can't blame the heads of the various local companies that have "taken the money and run". If someone came along and offered me that kind of money for my business I have to admit I would sell out too.
But what is troubling to me is that this area doesn't seem for the most part to attract or keep the businesses that originally incubate here. And the city of Portland practically evicts any successful business (Columbia sportswear).
I guess the Portlandia types who make nothing anyone needs will keep the city afloat? But I think not.
Welcome to Pothole, Oregon, the city of thorns.
Posted by Portland Native | January 5, 2012 8:02 AM
Bogdanski silently blogs in the dead of the night
Although he should be sound asleep, he feels quiet rage inside
Was it something they did, or something they said?
Portland's vanishing from our sight
Though we try not to worry, though we try
I guess that's why they say
Every rose has a thorn
Just like every project has grown
An iconic business sings a sad, sad song
Every rose has a thorn
I listen to the politicians talking on the radio
I hear them say Portland is okay, just let it go
But I wonder do they know, have they ever told the truth
And I know we're going broke right now,
And we have to change our ways somehow
I guess every rose has a thorn.
Posted by Bill McDonald | January 5, 2012 8:28 AM
I always laugh when I read that the only people remaining after a big corporate will be in human resources and accounting. I've watched this game over and over, and I've seen what's happened to the companies that got rid of those two facets first. These are the ones that desperately beg those people to come back, pro bono, to help the conquerors find the information they need in order to flip the company to someone else. (And let's face it: we're talking Landry's. This is a company that cultivates classic Dallas and Houston greedheads more interested in the ostentatious price of the meal than in its actual edibility. I give this new merger six months before the CEO decides he's raped enough value from it and tosses the cast-off shell to someone with more money than brains.)
Posted by Texas Triffid Ranch | January 5, 2012 9:22 AM
I'm fearful that whatshisname will kick 90-something Ms. Spenger out of her long-time home upstairs at the Berkeley fish house. (lt was a great eatery back in her day.)
Posted by RickN | January 5, 2012 10:20 AM