Unclear future awaits Sonic Corp. executives
Headquarters for Oklahoma City-based Sonic Corp. will remain in Oklahoma City after agreeing to sell to the parent company of Arby’s in a $2.3 billion deal, but other details surrounding the transaction are still to be determined.
Atlanta-based Inspire Brands Inc. would own the drive-in chain, allowing for operation as an independent brand within Oklahoma City, Sonic spokeswoman Christi Woodworth said Tuesday.
While the headquarters will remain in Bricktown, Woodworth was unsure of potential employment changes within the company. She did not expect layoffs.
“We are not anticipating changes and don’t have any information to lead us to believe that at this point,” Woodworth said. “They are acquiring us as an investment in growth, and they are expecting us to continue to grow.”
Nearly 400 work at the headquarters downtown, according to the Greater Oklahoma City Chamber. Sonic has been a member of the chamber since 1974.
The role of Sonic Corp. CEO Cliff Hudson, and other executives in the company, has not been determined.
“There have been no discussions to this point,”
Woodworth said.
Hudson and other executives were not made available for interview Tuesday. Woodworth said they would not be making public comments while the acquisition is still pending approval from shareholders.
Hudson did however make several phone calls regarding the sale to Oklahoma City Mayor David Holt and other private individuals who have relationships with Sonic, Woodworth said.
“OKC is proud to be the longtime home of @sonicdrivein,” Holt tweeted Tuesday. “I want to share I have been told this morning that Sonic’s HQ will remain in OKC for the foreseeable future. Today is clearly a milestone in the company’s history, but we are still proud to be the home of Sonic.”
Holt could not be reached Tuesday regarding his conversation with Hudson and any assurances Sonic headquarters will remain.
The building has been a longtime fixture in Bricktown, along the canal and just south of Chickasaw Bricktown Ballpark. Construction of the $12 million company headquarters was announced in 2002 and built the following year.
Inspire’s portfolio includes Arby’s, Buffalo Wild Wings and Rusty Taco. Buffalo Wild Wings was purchased for about $2.4 billion last year, Bloomberg News reports.
The acquisitions may not be finished for Inspire. CEO Paul Brown told The Wall Street Journal in February the company is seeking to obtain multiple chains in the future. The company has more than 150,000 employees and operates in 16 countries.