Silver Diner

Silver Diner is a chain of American diner-style restaurants based in Rockville, Maryland. More than a third of its 14 locations are in Fairfax County.

Silver Diner was founded in 1989 by Robert Giaimo and Ype Von Hengst. Giaimo, who had sold out his share of the American Cafe chain two years earlier, was the money guy, putting together a group of 50 investors who collectively invested $2.4 million, and securing another $2.5 million in bank loans.[1] Constructed at a cost of $1.5 million, the first location, in Rockville, opened in February 1989.[2]

In December 1990, Silver Diner opened a second location in Laurel, Maryland.[3] The third location opened in Dale City, near the Potomac Mills mall, and the fourth in Towson, Maryland.[4]

By 1993, Silver Diner had four locations, and Giamo raised another $5 million for further expansion.[5][6]

Silver Diner finally came to Fairfax County in 1995 with the opening of its location near the Fair Oaks Mall that spring, followed by its location in the Tysons Corner area of McLean that fall.[2][7]

In 1996, Silver Diner merged with Food Trends Acquisition, a shell corporation owned by former Boston Chicken CEO George Naddaff.[8] The deal gave Silver Diner $14.2 million to open new restaurants and pay down its debt, and the company began trading on the NASDAQ stock exchange under the symbol SLVR.[8][9]

As a public company, Silver Diner struggled over the next several years. Despite expanding to a total of 13 locations, including Merrifield, Reston and Springfield in Fairfax County, the company did not have a profitable year from 1996 to 2002.[8]

In March 2001, the company abandoned its plan to open a restaurant in the Pentagon Row shopping center in Arlington, and in November closed its Towson location, which had been losing nearly $200,000 per year.[8]

After years of decline in its stock price, Silver Diner was delisted from the NASDAQ in May 2001.[10]

The company went private in October 2002, buying out any shareholder who had less than 5000 shares of stock at 32 cents per share.[11]

A new concept for Silver Diner, the Metro Diner Cafe, opened in the Annapolis Town Center in Annapolis, Maryland in April 2009.[12]

The company closed its Chesapeake, Virginia location in October 2010, then shuttered its Virginia Beach and Newport News locations in January 2012.[13][14]

In July 2015 Silver Diner closed its location at the Lakeforest Mall in Gaithersburg, Maryland.[15]

In April 2016, Silver Diner closed its location in Laurel, Maryland.[16]

References

  1. ↑ Farhi, Paul. "Restaurantrepreneur." The Washington Post (1974-Current file): 34. Feb 06 1989. ProQuest. Web. 1 Aug. 2016.
  2. ↑ 2.0 2.1 Farkas, David. "Smart Strategies for Expanding Regionally." Restaurant Hospitality78.5 (1994): 81. ProQuest. Web. 1 Aug. 2016.
  3. ↑ Barnett, Mark, and Gail Barnett. "MARYLAND DINING: Silver Diner." The Washington Post (1974-Current file): 1. Dec 06 1990. ProQuest. Web. 1 Aug. 2016.
  4. ↑ Sanson, Michael. "More than just a Pretty Face." Restaurant Hospitality 77.5 (1993): 140. ProQuest. Web. 1 Aug. 2016.
  5. ↑ "Owner Sees Gold in His Chain of Silver Diners Food." Los Angeles Times (pre-1997 Fulltext): 7. Apr 19 1993. ProQuest. Web. 1 Aug. 2016.
  6. ↑ Powers, William. "Looking for Gold in Silver Diners." The Washington Post (1974-Current file): 5. May 09 1994. ProQuest. Web. 1 Aug. 2016.
  7. ↑ Zibart, Eve. "A Counter Revolution." The Washington Post (1974-Current file): 19. Jul 14 1995. ProQuest. Web. 1 Aug. 2016.
  8. ↑ 8.0 8.1 8.2 8.3 Jones, Sabrina. "Back to Basics; Silver Diner Retreats from Growth to Focus on Food and Service." The Washington Post Apr 08 2002. ProQuest. Web. 1 Aug. 2016.
  9. ↑ Dresser, Michael. "Silver Diner Receives a $14.2 Million Boost To Go." The Baltimore Sun. Baltimore Sun Media Group, 28 Mar. 1996. Web. 01 Aug. 2016.
  10. ↑ "Silver Diner Stock to Trade on OTC Board." Baltimore Business Journal. American City Business Journals, 11 May 2001. Web. 01 Aug. 2016.
  11. ↑ "Silver Diner Goes Private." Washington Business Journal. American City Business Journals, 17 Oct. 2002. Web. 01 Aug. 2016.
  12. ↑ Woodards, Shanteé. "Metro Diner Cafe Closes in Annapolis." Capital Gazette. Tronc, 17 Mar. 2014. Web. 02 Aug. 2016.
  13. ↑ Walzer, Phil. "Silver Diner in Chesapeake Closes Its Doors." Virginian-Pilot. The Virginian-Pilot, 5 Oct. 2010. Web. 01 Aug. 2016.
  14. ↑ Sheler, Jeff. "Silver Diner Closes in Virginia Beach, Newport News." Virginian-Pilot. The Virginian-Pilot, 3 Jan. 2012. Web. 01 Aug. 2016.
  15. ↑ Dyer, Robert. "Silver Diner Closes at Lakeforest Mall in Gaithersburg." Sam Eig Blog. N.p., 8 July 2015. Web. 01 Aug. 2016.
  16. ↑ Cooper, Rebecca. "Silver Diner Closes Laurel Location after 25 Years." Baltimore Business Journal. American City Business Journals, 14 Apr. 2016. Web. 01 Aug. 2016.

External links