Major restaurant chain opens 12 coffee and baked goods locations in NYC;
3,500-store chain ranks as fourth largest in North America by market cap
DUBLIN, OHIO, July 13, 2009: Tim Hortons Inc. (NYSE: THI, TSX: THI), one of North America's largest quick service restaurant chains, today began serving its premium signature coffee, always fresh baked goods and variety of soups and sandwiches for the first time in New York City, a major market offensive that continues its ongoing U.S. expansion.
Tim Hortons has close to 3,500 locations in North America, including more than 500 in the U.S. Tim Hortons restaurants sell about two billion cups of coffee annually and account for more than seven of every 10 cups of coffee sold in quick service restaurants in Canada.
"Tim Hortons is eager to bring 45 years of success in coffee and baked goods to one of the most important markets in America," said Don Schroeder, president and CEO, Tim Hortons Inc. "Coming to New York City is a significant milestone in our U.S. expansion and we intend to deliver on our lasting commitments to speed of service, fresh quality products and great value."
Nine of the ten locations in Manhattan are scheduled to open today, including stores on Broadway, Madison Square Garden, Penn Station and Times Square. Two locations will open in Brooklyn.
"New Yorkers are savvy customers, they understand good value and quality, and are prepared to try new things," said David Clanachan, chief operations officer, U.S. and International, Tim Hortons Inc. "We are focused on earning the loyalty of New Yorkers and adding them to the millions of people who make Tim Hortons their daily stop for breakfast, lunch and snack times."
Tim Hortons' signature hot and specialty iced coffees, made from a special blend of Arabica beans, provide a rich, consistent cup of coffee every time to every customer. The company also offers a variety of always fresh baked goods - donuts, muffins, bagels and gourmet cookies - and an extensive lunch menu of sandwiches, wraps and variety of soups.
Tim Hortons' U.S. headquarters is located in Dublin, Ohio and it has long-established roots in New York State. The company was founded in 1964 by NHL hall-of-famer Tim Horton, who played hockey for the Toronto Maple Leafs, New York Rangers and Buffalo Sabres until his death in 1974. Tim Hortons opened its first U.S. store in Tonawanda, NY in 1984 and the company's coffee bean roasting plant is based in Rochester, NY.
The 12 New York City locations are in addition to three other Tim Hortons locations expected to open in Manhattan in August. Those three will be opened in existing Cold Stone Creamery outlets as part of an ongoing test initiative to co-brand up to 100 U.S. stores with both Cold Stone Creamery and Tim Hortons operations.
For Tim Hortons locations in New York City, go to: timhortons.com/nyc
To join Tim Hortons Facebook fan page, go to: facebook.com/TimHortons
About Tim Hortons Inc.
Tim Hortons is the fourth largest publicly-traded quick service restaurant chain in North America based on market capitalization, and the largest in Canada. Tim Hortons appeals to a broad range of consumer tastes, with a menu that includes coffee and donuts, premium coffees, flavored cappuccinos, specialty teas, home-style soups, fresh sandwiches and fresh baked goods. As of March 29, 2009, Tim Hortons had 3,457 systemwide restaurants, including 2,930 in Canada and 527 in the United States. More information about the Company is available at timhortons.com.
Tim Hortons Safe Harbor Statement
Certain information in this news release, particularly information regarding future economic performance, finances, and plans, expectations and objectives of management, is forward-looking as contemplated under the Private Securities Litigation Reform Act of 1995. Various factors including those described as "risk factors" in the Company's 2008 Annual Report on Form 10-K, filed February 26, 2009, and those risk factors set forth in our Safe Harbor Statement available on our website, as well as other possible factors not listed or described in the foregoing, could affect the Company's actual results and cause such results to differ materially from those expressed in forward-looking statements. As such, readers are cautioned not to place undue reliance on forward-looking statements contained in this news release, which speak only as of the date and time made.
Except as required by federal or provincial securities laws, the Company undertakes no obligation to publicly release any revisions to the forward looking statements contained in this release, or to update them to reflect events or circumstances occurring after the date of this release, or to reflect the occurrence of unanticipated events, even if new information, future events or other circumstances have made the forward-looking statements incorrect or misleading. Please review the Company's Safe Harbor Statement at timhortons.com/en/about/safeharbor.html.