International House of Pancakes

Truck Talk is a weekly newsletter where FreightWaves adds context, commentary and color to industry news and trends.

After cutting the price by more than a third from a new stock offering of $75 million, TravelCenters of America shares fell below the revised asking price Wednesday.

The same health crisis that made TravelCenters of America an essential business during the coronavirus pandemic burned into non-fuel revenue in late March, leading to a first-quarter loss.

Crafting a mission statement and values for TravelCenters of America is among myriad tasks veteran turnaround expert Jon Pertchik is taking on in his latest project.

Higher fuel sales and restoration of the federal tax credit for biodiesel blending boosted the bottom line. However, operating margins continued to be under pressure and the travel center operator borrowed money to cover general expenses.

Travel Centers of America reported stronger profits and sales for the third quarter as it added locations and sold more fuel at higher prices. Watch for International House of Pancakes restaurants to begin to replace TA’s Iron Skillet and Country Pride eateries.