I Joy Manhattan Bagel

Having successfully navigated the same uncertain consumer market that swallowed the sticky bun, crumbled the English muffin and humbled the haughty croissant, the bagel has landed. And, say baking experts and stock analysts, those boiled circles of chewy dough are coming into their own. "Everywhere you go, you see bagels," said Eric Cano, president of I & Joy Manhattan Bagel company, born two weeks ago in a merger between North Hills-based I & Joy Bagels and Manhattan Bagel Co. Inc.

Manhattan Bagel Co., the nation's second-largest bagel chain, said it will restate its first-quarter earnings because of improper accounting practices it uncovered at its California subsidiary, I&J, based in the San Fernando Valley. As a result of the announcement, the stock of the 220-store bagel company based in Eatontown, N.J., plunged $7.50 to $13.75 a share on the Nasdaq at Friday's close.

Manhattan Bagel Co., the nation's second-largest bagel chain, said it will restate its first-quarter earnings because of improper accounting practices it uncovered at its California subsidiary, I&J, based in the San Fernando Valley. As a result of the announcement, the stock of the 220-store bagel company based in Eatontown, N.J., plunged $7.50 to $13.75 a share on the Nasdaq at Friday's close.

Having successfully navigated the same uncertain consumer market that swallowed the sticky bun, crumbled the English muffin and humbled the haughty croissant, the bagel has landed. And, say baking experts and stock analysts, those boiled circles of chewy dough are coming into their own. "Everywhere you go, you see bagels," said Eric Cano, president of I & Joy Manhattan Bagel company, born two weeks ago in a merger between North Hills-based I & Joy Bagels and Manhattan Bagel Co. Inc.

Manhattan Bagel Co. has completed its acquisition of I & Joy Bagels for 1.5 million shares of common stock. With the addition of I & Joy's 16 stores, the Eatontown, N.J.-based Manhattan Bagel Co. now presides over a network of 107 units in 11 eastern states and California, the company reported. In June, Manhattan Bagel agreed to purchase Bay Area Bagels, operator of eight Holy Bagel stores in San Francisco.

As prevalent as coffeehouses have become in Ventura County in recent years, they are getting a serious run for their money by bagel shops. According to Elizabeth Huff of the Ventura County Environmental Health Division, which processes permits for food service operations, the number of businesses dedicated to bagels has grown from two to 10 since 1994. Last year, bagel shops opened in Westlake Village and Oxnard, with two starting up in Camarillo.

The county Department of Health Services has the power to shut down food facilities for as long as necessary for the owners to correct conditions that pose a danger to the public health.