In a property lease agreement, isn’t it the tenant that pays
the landlord? Well, not always, it seems, since landlords are paying Giggles N’
Hugs, Inc. (OTCQB: GIGL) substantial sums to occupy their premises. Of course,
Giggles N’ Hugs will still be paying rent, but the company is considered such a
valuable tenant that the owners of the premier properties it occupies are
willing to invest in it. They do so by providing upfront cash to finance
construction of Giggles N’ Hugs’ restaurants, play areas and other amenities.
These payments have totalled $1,554,770 in all and cover all three of the
company’s current locations.
Giggles N’ Hugs restaurants can be found at Westfield Mall
in Century City on Santa Monica Boulevard in Los Angeles, at Westfield Topanga
Shopping Center in Woodland Hills, Canoga Park, and in the Glendale Galleria.
The Century City location has received $590,000 from landlord Westfield
Corporation (OTC: WEFIF), the Topanga facility has received $489,770 (also from
the Westfield Corporation) and Glendale Associates has paid $475,000 to the
Glendale Galleria outlet.
Giggles N’ Hugs is courted because mall owners expect the
company will drive family foot traffic, and family foot traffic is the
lifeblood of malls. Giggles N’ Hugs’ unique upscale offering is novel and
exciting. The company operates family-friendly restaurants with play areas for
children 10 years and younger. The restaurants also feature daily live
entertainment and shows. The design of the restaurants is intended to create a
fun, casual, family atmosphere where children can interact with parents and
each other and where everyone enjoys freshly prepared, organic, nutritious and
reasonably priced meals. The company was founded by Joey Parsi in 2010 after he
and his wife, Dorsa, realized there were no eating places that catered to the
special needs of parents with young children.
Apart from the restaurants and play areas, the company plans
to license its brand to market clothes, toys, a frozen food line, and vitamin
water for kids. The company also offers an innovative drop off program, which
allows parents to drop off their kids for up to three hours while they shop.
Giggles N’ Hugs is in good hands. Parsi is its driving force
and present CEO. Back in the 90s, he was an investment advisor at Lehman Bros.
Then, he served as senior vice president at Sutro and Company, the pedigreed
investment management and brokerage firm founded in 1858. Thereafter, he spent
two years, 1996 to 1998, at Prudential Securities (NYSE: PRU). In 1998, he founded
Barron Chase and raised more than $30 million in funding for nine separate
companies before liquidating the business and joining TD Waterhouse (NYSE: TD).
If Westfield Corporation and Glendale Associates are willing
to bet on Giggles N’ Hugs, it must be something more than the macaroni and
cheese with real cheddar or the chicken littles made with real chicken breast
it has on the menu. Giggles N’ Hugs is giving back to young parents the good
times dining out they once had before tying the knot. Now that can’t be a bad
thing.
For more information, please visit www.gigglesnhugs.com
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