In a stunning move, local chef and restauranteur Marc Vetri and his partner Jeff Benjamin have sold their empire to Urban Outfitters, Inc. The high-end flagship resto Vetri was not included in the sale.
Restaurant patrons will not notice a thing, Vetri said in an interview. "Nothing is changing. In meetings, everyone from Urban kept saying, ‘It’s more crucial than ever that you guys are at your restaurants.’ " Terms were not immediately disclosed.
With Vetri as president and Benjamin as COO, the Vetri Family will become a subsidiary of Urban Outfitters Inc., known as URBN. It will join a stable of brands that includes hip clothing retailer Urban Outfitters, female-focused lifestyle store Anthropologie, home and garden center Terrain, and apparel enterprise Free People, which operates both retail and wholesale arms.
Vetri Family partners Jeff Michaud and Brad Spence each will assume the title "executive director, culinary," and will continue their roles overseeing menu development and execution at all properties.
No branding or logo modifications are planned, and no employee moves are expected...
All of URBN’s current food and beverage brands will be folded into and managed by the Vetri Family. The restaurant veterans will also be tasked with helping Urban develop food and beverage concepts - a challenge both Vetri and Benjamin say they are very much looking forward to.
"It’s like after 17 years, Jeff and I are renewing our vows instead of getting a divorce," Vetri said, clearly energized by the whole deal.
Original source: Philly.com
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