Nathan's Famous, which opened as a 5-cent hot dog stand in Coney Island more than a century ago, has been sold to packaged meat giant Smithfield Foods in an all-cash $450 million deal, the companies announced Wednesday. Smithfield, which has held rights to produce and sell Nathan's products in the U.S. and Canada and at Sam's Clubs in Mexico since 2014, will acquire all of Nathan's outstanding shares for $102 each.
"I'll be cooking hotcakes for three hours straight to get ready for that," said David Cox, the Bellflower-based chain's corporate executive chef and vice president of food & beverage. He expects about a dozen pros to compete. "I think we're trying to pull in somebody from the general public," he said in a phone interview. "Of course they'll have to sign like triple waivers."
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