Food & Beverage News

As the restaurant industry attempts to slowly recover from the wide-ranging effects of the ongoing coronavirus pandemic, AS\\according to S&P Global Market Intelligence the odds that a restaurant will default on its debt fell to 10% in July from 35% in April. For larger chains, performance and financial stability is almost where it was a year…

With the pandemic showing little sign of letting up, consumers — perhaps, families most especially — are seriously missing being able to partake in the simple pleasure of having someone else cook, serve and clean up dinner. Now that many states have reopened, restaurant operators hoping to tap into that pent-up demand are hustling to…

Brinker International, Inc. has signed a letter of intent to acquire 116 Chili’s Grill & Bar restaurants from ERJ Dining. Louisville, Ky.-based ERJ Dining has been a franchisee of Brinker’s for the past 14 years. According to Brinker, the Chili’s restaurants primarily are located in the Midwest and generate approximately $300 million in annualized revenue.…

FAT (Fresh. Authentic. Tasty.) Brands announced plans to acquire the Johnny Rockets fast-casual burger chain from an affiliate of private equity firm Sun Capital Partners Inc. for $25 million. FAT Brands is a global franchising company that acquires, markets and develops fast-casual and casual dining restaurant concepts around the world. Johnny Rockets was founded in…

When McDonald’s Corp. fired Stephen Easterbrook, then chief executive officer, he received a severance package valued at nearly $42 million, according to executive compensation experts at Equilar. Now, the company is suing Mr. Easterbrook for the return of the money and a lot more after an investigation found he’d had sexual relationships with at least…

McDonald’s Corp. executives believe the worst impacts of the pandemic on sales performance are in the past. In the latest quarter, the restaurant company’s net income dropped 68% and revenues plummeted 30%, driven by temporary restaurant closings, limited operations and dramatic changes in consumer behavior. “As you can see, it remains a dynamic situation as…

On Monday, GOP leadership in the Senate introduced a $1 trillion stimulus package—labeled the HEALS Act—that would deliver more checks to citizens, several tweaks to the Paycheck Protection Program, and cut enhanced unemployment benefits by $400. In the $2.2 trillion CARES Act, unemployed workers receive an extra $600 per week on top of state and local…

Private equity firm Hargett Hunter Capital Management has agreed to purchase Texas-based chain Trudy’s Texas Star out of bankruptcy for $6.5 million. The firm prevailed at an auction on July 23. A hearing to approve the transaction will be held on August 17. The North Carolina-based firm outbid Austin restaurant Steiner Steakhouse, which bid $6.45 million. The…

In mid-March when the novel coronavirus was declared a pandemic, there was uncertainty about what the future would look like. Shoppers wondered what else would run out if they couldn’t even get toilet paper. So, many decided to stock up. Shoppers realized they’d risk exposure if they visited a grocery store. Suddenly they were looking…

Angry Crab Shack didn’t waste its quarantine. The 12-unit seafood chain instead used that time to upgrade its menu, packaging, training program and more. Sloane Emden was employed as the general manager of an Angry Crab Shack in Phoenix when the coronavirus shut down his restaurant. Emden spent years working in restaurant kitchens, advancing from…