Lamure and David Edgerton founded Burger King in 1954 when they opened the first franchise in Miami, Florida. In 1964 they acquired national as well international franchising rights for burger king brand, which was companies first intervention in the international markets. The first two restaurants were opened in 1963 in Puerto rico. In 1967 burger king was acquired by Pillsbury Corporation and at the time of acquisition burger king comprised of 274 restaurants with 8000 employees. In 1975 first store was opened in Spain. 1986 was a recorded year for burger king with 546 new restaurants opened worldwide, which accumulated to 4743 restaurants and sales of $4.5 billion.
In 1988 grand metropolitan acquired the Pillsbury company and its subsidiaries including burger king for $5.8 billion. Through this acquisition there was a renewed focus on international growth to enter new countries. Throughout the 1990s new entries included Germany, Poland, New Zealand, Paraguay and Turkey.In 2006 Burger King Holdings completed a successful initial public offering and listed its stock on the New York stock exchange market.
Burger Kings has a lot of competitors but the top ones are McDonald’s, Wendy’s and Yum. Burger King underperformed the global market for burger fast food for most of the review period.The
Company lost share in its core market - the US - as poor economic conditions restricted consumer spending
On eating away from home. The Burger King brand found itself caught in the middle, losing share to its Value-positioned chained burger competitors (particularly McDonald’s and Wendy’s) and upscale fast-food/fast casual options. However McDonald’s Corp casts a long shadow over the consumer foodservice industry, controlling 3.4% of global foodservice value sales in 2013.Since 2008, Burger King Worldwide Inc. has fallen from the number three player to number five overall, eclipsed by Doctor’s Associates (Subway) and Seven & I Holdings (7-Eleven) in 2010....