Posts Tagged ‘tender offer’

Nathan's Famous

Nathan's Famous at Night, Surf Avenue in Coney Island. August 8, 2011. Photo © Tricia Vita/me-myself-i via flickr

Instead of doing a Best Photos of 2011 in December, we’re going to feature some images that we either overlooked or didn’t have time to upload to flickr during the busy summer. The signage of Nathan’s Famous, a fave subject for us and many who regularly photograph Coney Island, is today’s better-late-than-never “Photo of the Day.”

Nathan’s was in the news on Monday when the Jericho, NY-based company announced they will buy back up to $11 million worth of their common stock–up to 500,000 shares– beginning on December 8th. “The Company intends to fund this tender offer with cash on hand. At September 25, 2011, the Company had approximately $15.2 million of cash and cash equivalents and $16.9 million of marketable securities,” according to the press release.

At $3.80 per hot dog (including tax), $11 million will also buy you 2,894,736 hot dogs. Thatsa lotta beef, but last year Nathan’s, which started out selling franks for a nickel in 1916, sold over 425 million of their world-famous hot dogs.

In 2012, Nathan’s Famous will open a huge new restaurant at the corner of West 12th on the Coney Island Boardwalk at Gyro Corner Clam Bar’s former location. Their satellite restaurant at the corner of Stillwell on the Boardwalk has closed and the signage was removed last week.


Related posts on ATZ…

October 17, 2011: Popeyes Chicken Returning to Coney Island’s Surf Avenue

June 9, 2011: Photo of the Day: Mango Vendor in Coney Island

January 28, 2011: Colorado’s Hot Dog-Shaped Coney Island Boardwalk Diner For Sale

January 19, 2010: Nathan Slept Here! Coney Island’s Feltman’s Kitchen Set for Demolition

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