Overview

Popeyes was formed in Arabi, Louisiana, a suburb of New Orleans, Louisiana in St. Bernard Parish. It first opened its doors on June 12, 1972, as "Chicken on the Run".[4][8] Owner Al Copeland (1944–2008) wanted to compete with Kentucky Fried Chicken,[9] but his restaurant failed after several months.[4][9] Copeland reopened the restaurant four days later as Popeyes Mighty Good Chicken.[9] By 1975, the company had been renamed as Popeyes Famous Fried Chicken.[9] Copeland started franchising his restaurant in 1976, beginning in Louisiana. The chain expanded to Canada in 1984, and opened its 500th restaurant in 1985.[4] B. P. Newman of Laredo, Texas, acquired several franchises in Texas and surrounding states. Two hundred additional locations were added during a period of slower expansion. By 1990, Copeland Enterprises was in default on $391 million in debts it had taken on in its 1989 purchase of Church's, a rival fast food chain also focusing in fried chicken, and by April 1991, the company filed for bankruptcy protection.[10][11] In October 1992, the court approved a plan by a group of Copeland's creditors that resulted in the creation of America's Favorite Chicken Company, Inc. (AFC) to serve as the new parent company for Popeyes and Church's.[12] AFC went public in 2001 with initial public offering (IPO) of $142,818,479.[13] On December 29, 2004, AFC sold Church's to Arcapita (formerly Crescent Capital Investments) retaining Popeyes.