Kura Sushi USA files for IPO on Nasdaq
American subsidiary of Japanese chain plans to operate 290 restaurants (from current 22)
Japanese sushi restaurant chain Kura announced that its American subsidiary, Kura Sushi USA, has applied to the U.S. Securities and Exchange Commission for permission to list shares on the Nasdaq composite. The request for the IPO is part of the subsidiary's plan to increase the number of its conveyor-belt sushi outlets in the U.S. to 290 or more from the current 22.
Since the opening of its first restaurant in 1977 Kura Corporation have grown to over 400 locations across Japan, Taiwan, and the United States. As pioneers of the “revolving sushi” concept, the Kura family of companies have improved upon the idea and developed innovative systems that combine advanced technology, premium ingredients, and affordable prices to create a unique revolving sushi dining experience.
Kura Sushi USA's sales totaled about $51.74 million in its financial year ended August 2018.
Founded in 2008, the American chain has operations in the states of California, Texas, Georgia, Illinois and Nevada. In response to the growing popularity of conveyor-belt sushi in U.S., the subsidiary plans to increase the number by about 20% annually over the next five years.
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