Georgia Tech dropping DuPrees name from management school

<p>Georgia Tech is dropping the name of Tom E. DuPree Jr. from its College of Management after the former chairman of Avado Brands said it was unlikely he could fulfill a pledge to donate $25 million.</p><p>We are going to name a scholarship program in his honor and take the name off the college, Georgia Tech President Wayne Clough said Friday. Tom is an honorable man, and he stepped up at an important time for the college.</p><p>DuPree made the pledge after making millions in the restaurant business by building the nations largest franchise, Applebees, through the name Apple South.</p><p>A 1974 graduate of Tech, he made an initial $5 million gift in 1994 for the DuPree Center for Entrepreneurship and New Ventures. Later, DuPree pledged to give another $20 million that led to renaming the entire business school after him.</p><p>But Clough received a letter from DuPree last month saying it was unlikely he could make the final payment when it was due in October 2005.</p><p>DuPree gave primarily through Avado Brands stock, which has declined sharply in recent years. The Madison, Ga.-based company sold Applebees, McCormick & Schmicks and Canyon Cafe chains as the share price fell from a high of $28 in 1996 to less than 20 cents last fall, when DuPree resigned as chairman and chief executive.</p><p>Last month, the company filed for Chapter 11 bankruptcy protection. Avado, which operates Don Pablos Mexican Kitchen and Hops Grillhouse & Brewery, said it would continue to operate its restaurants while it restructures.</p><p>___</p><p>Information from: Constitution</p>