Restaurants
These 10 restaurant chains filed for bankruptcy this year
The Red Lobster logo is displayed outside of a closed restaurant in Torrance, California, on May 14, 2024. Patrick T. Fallon | Afp | Getty Images Restaurant bankruptcy filings have surged so far this year, echoing a broader rise in corporate bankruptcies across sectors. At least 10 restaurant chains, not including multi-unit franchisees, have filed […]
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Restaurants fight back against the FTC crackdown on ‘junk fees’ as diners balk at new charges
Leopatrizi | E+ | Getty Images Lawmakers want to crack down on “junk fees,” but restaurants are trying to stay out of the fight. Surcharges or fees covering everything from credit card processing to gratuities to “inflation” have become more popular on restaurant checks in recent years. Last year, 15% of restaurant owners added surcharges […]
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Cava earnings beat estimates as restaurant traffic climbs nearly 10%
Customers arrive at a Cava restaurant in New York City on June 22, 2023. Brendan Mcdermid | Reuters Cava on Thursday raised its full-year outlook as its restaurants reported strong traffic, fueling better-than-expected quarterly earnings and revenue. Shares of the company rose 7% in extended trading. The stock has more than doubled its value this […]
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Walmart adds a Burger King benefit to its membership program
A Burger King Whopper hamburger is displayed in San Anselmo, California. Justin Sullivan | Getty Images Walmart members are in for a whopper of a deal. The retailer on Thursday announced a new partnership with fast food chain Burger King that will offer members of its Walmart+ subscription program 25% off any Burger King order […]
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To fix Starbucks, incoming CEO Brian Niccol will have to tackle its mobile app problem
Mobile order and Uber Eats and Doordash delivery pick up area at Starbucks coffee shop, Queens, New York. Lindsey Nicholson | UCG | Universal Images Group | Getty Images It’s become a familiar sight at Starbucks cafes: a counter crowded with mobile orders, frustrated customers waiting for the drinks they ordered and overwhelmed baristas trying […]
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Brian Niccol’s fix for Starbucks’ China cafes could set the tone for where shares head next
After the surprise leadership change at Starbucks this week, Wall Street has focused on what’s next for its struggling China business amid a rough patch for the stock. Starbucks announced earlier this week that Chipotle CEO Brian Niccol would helm the coffee chain, replacing Laxman Narasimhan. Afterward, investors sent the shares soaring and the Street […]
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TikTok and fast-food rivalry fuel Chili’s sales as parent Brinker says turnaround is taking hold
An ad campaign targeting fast-food chains and a TikTok-viral appetizer helped Chili’s same-store sales climb nearly 15% in its latest quarter. But Kevin Hochman, CEO of parent company Brinker International, told CNBC that the chain’s strong performance is just a sign that customers are finally catching onto the chain’s two-year turnaround. Shares of Brinker have […]
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Starbucks is giving incoming CEO Brian Niccol $85 million in cash and stock for leaving Chipotle
Brian Niccol, CEO of Chipotle Anjali Sundaram | CNBC Starbucks offered incoming CEO and Chair Brian Niccol a pay bump and hefty one-time awards to lure him from his prior role as chief executive at Chipotle Mexican Grill. Niccol officially takes the reins at the embattled coffee chain on Sept. 9. As CEO, he’ll be […]
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How Elliott’s monthslong Starbucks campaign got it a better deal than it asked for
People seen around the Starbucks coffee store in Shenzhen, China. Jakub Porzycki | Nurphoto | Getty Images In May, it was a $2.5 billion stake in Texas Instruments and a $1 billion-plus position at Johnson Controls. In June came a $2 billion stake in Southwest Airlines and an equally large investment in Japanese conglomerate SoftBank. […]
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Why Wall Street thinks Brian Niccol is the person to revive Starbucks — and end the Howard Schultz era
Brian Niccol, CEO of Chipotle Anjali Sundaram | CNBC Wall Street believes Brian Niccol is the right choice to turn around Starbucks — and move the chain past the decadeslong Howard Schultz era. Starbucks tapped Niccol as its latest chief executive and chair on Tuesday. Niccol replaces Laxman Narasimhan, who took over the top job […]
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