Food & Beverage News

Robert Thompson has resigned as CEO of Punch Bowl Social, the food-and-entertainment concept he founded eight years ago, to form an innovation lab for developing products aimed at millennials and Gen Zers. His resignation is the latest twist for a venture formerly hailed as one of the restaurant industry’s hottest concepts. Thompson had successfully pitched…

Famed chef and restaurateur Thomas Keller on Wednesday announced that one of his newest restaurants is closing permanently because of “irreparable damage” from the pandemic: TAK Room in New York City’s Hudson Yards complex. His Thomas Keller Restaurant Group is also shuttering a location of Bouchon Bakery that was also in the sprawling 18 million-square…

Despite the ongoing pandemic, consumers are warming more to the notion of dining out — something they yearn to do more — but more than two-thirds say they still prefer cooking and eating at home out of concern about exposure to coronavirus, according to new research by global consulting firm AlixPartners. Adam Werner, AlixPartners managing…

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…

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…

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…