Rave Restaurant Group Inc. has replaced Scott Crane, who had served as CEO since January 2017, with company president Robert Bafundo (left), the company said in federal filings Tuesday.
The Colony, Texas-based parent to the Pizza Inn buffet and Pie Five fast-casual concepts said Crane’s employment was terminated July 10, according to a Securities and Exchange Commission filing.
Bafundo, 63, who was promoted to president in September 2018, was named principal executive officer, effective July 12, the company said. He previously had served as president of the company’s Pizza Inn subsidiary since 2016.
Prior to Pizza Inn, Bafundo served in executive roles at Garbanzo Mediterranean Grill and Back Yard Burgers Inc. as well as other foodservice concepts.
“Bafundo has no written employment agreement with the company and is an at-will employee,” the federal filings said.
Rave’s fast-casual Pie Five concept had been struggling over the past several years. In February, the company said it was looking to expand its Pizza Inn Express platform, introduced in 2017.
For the third quarter ended March 24, Rave narrowed its loss to $263,000, or 2 cents a share, from $492,000, or 3 cents a share, in the same period a year before. Revenues were $3.1 million, up from $2.7 million in the same quarter last year.
As of March 24, Rave had a total of 204 Pizza Inn units, including 89 domestic buffets, 59 delivery-express locations, eight Pizza Inn Express restaurants and 48 international units. The company had 61 Pie Five units, including two company-owned stores.
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