Burger King, often abbreviated as BK, is a global chain of hamburger fast food restaurants headquartered in unincorporated Miami-Dade County, Florida, United States. Burger King Holdings is the parent company of Burger King; in the United States it operates under the Burger King Brands title while internationally it operates under the Burger King Corporation banner. The company began as a Jacksonville, Florida-based restaurant chain in 1953. Originally called Insta-Burger King. After the company ran into financial difficulties in 1955, its two Miami-based franchisees, David Edgerton and James McLamore, purchased the company and rechristened it Burger King. Over the next half century the company would trade hands four times, with its third set of owners, a partnership of TPG Capital, Bain Capital, and Goldman Sachs Capital Partners, taking the company public in 2002. The current ownership group, 3G Capital of Brazil, acquired a majority stake in the company in a deal valued at $3.26 billion (bn) in late 2010.
At the end of fiscal year 2010, Burger King reported it has more than 12,200 outlets in 73 countries; 66% are in the United States and 90% are privately owned and operated. The company has more than 38,800 employees serving approximately 11.4 million customers daily. Over the course of its history the company has used several variations of franchising to expand its operations. In North America, franchises are licensed on a per store basis, while in several international locations licenses are sold on a regional basis with franchises owning exclusive development rights for the region or country. These regional franchises are known as master franchises, and are responsible for opening new restaurants, licensing new third party operators, and performing standards oversight of all restaurant locations in these countries; the largest example of a master franchise is Hungry Jack's, which exclusively owns, operates or sub-licenses over 300 restaurants in Australia. Despite its reliance on its franchisees for the majority of its revenue, Burger King's relationship with its franchises has not always been harmonious. Occasional spats between the two have caused numerous issues, and in several instances the company's and its licensees' relations have degenerated into precedent setting court cases.
The Burger King menu has evolved from a basic offering of burgers, fries, sodas and milkshakes in 1954, to a larger, more diverse set of offerings that includes several variations of chicken, fish, salads and breakfast. The first major addition to the menu was the Whopper, a sandwich developed by McLamore in 1957; it has since become Burger King's signature product. Not all introductions have had the success of the Whopper; BK has introduced many products which failed to catch hold in the marketplace. Some products that have failed in the US have seen success in foreign markets, where BK has also tailored its menu for regional tastes. After the purchase of the company in 2002, Burger King began to aggressively target the 18-34 male demographic with larger products that often carried correspondingly large amounts of unhealthy fats and trans-fats. This tactic would eventually come to hurt the company's financial underpinnings and cast a negative pall on its earnings.
Based in Miami, Florida, Burger King is one of the worlds best known fast food restaurants (it is the second largest company in the world). The company’s 40,000 plus employees helped it earn over $190 million dollars in 2008. Its success is reflected in a 28.4 percent increase in net profits for FY 2008.
Currently Burger King operates in about 71 countries worldwide, but it all began in Miami where the first restaurant was opened in 1954, and began to grow exponentially after the introduction of the Whopper sandwich in 1957. The firm became a publicly traded company in 2006. Product
* As a fast food hamburger restaurant (FFHR) chain, Burger King...
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