Global Foodservice News
Father-and-Son Duo Launches Modern Baking Company
The startup’s initial lineup features a pancake and waffle mix, a brownie mix, and a chocolate muffin and cake mix, along with a zero-calorie sweetener made from monk fruit and corn-based erythritol. The plant-based, diabetic-friendly products are gluten-free and contain no added sugars. Launched in January, TruEats is the culmination of a multi-generational journey to…
Read MoreBipartisan $120 Billion RESTAURANTS Act to Provide Long-Term Relief for Restaurants is Re-Introduced
Hours after the Senate voted overwhelmingly to pass an amendment to the proposed budget resolution to establish a dedicated restaurant relief fund, the $120 billion RESTAURANTS Act of 2021 was reintroduced to Congress Friday as a bipartisan, bicameral effort from Sens. Roger Wicker (R-Miss.) and Kyrsten Sinema (D-Ariz.), and Reps. Earl Blumenauer (D-Ore.) and Brian…
Read MoreOnline Push Helps KFC Parent Yum Beat Revenue, Profit Estimates
Yum Brands Inc. beat quarterly estimates for revenue and profit on Thursday as online demand for tacos, pizzas, and fried chicken from Americans surged, helping cushion weak sales in certain markets due to renewed pandemic-related curbs. The COVID-19 pandemic has accelerated online orders and most U.S. fast-food chains, including Yum and its rival McDonald’s which…
Read MoreChipotle has Raised Prices on its Delivery Menu by 13%
Chipotle Mexican Grill has raised menu prices for delivery an average of 13%, chain executives told analysts during a Q4 earnings call this week. The move is in response to the runaway success of the chain’s delivery channel, which has eaten into its margins in recent months. Chipotle has seen “modest resistance thus far” from…
Read MoreThe Senate Overwhelmingly Passed Restaurant Relief Budget Resolution Amendment
The U.S. Senate overwhelmingly passed an amendment to the budget Thursday calling for direct relief to the restaurant industry in a 90-10 vote. The Restaurant Rescue Plan which was initially proposed in a bipartisan effort by Sen. Roger Wicker (R-Miss.) and Sen. Krysten Sinema (D-Ariz.), was based on the original RESTAURANTS Act that was put…
Read MoreDarden Will Pay Employees to Get Vaccinated
Olive Garden and LongHorn Steakhouse parent Darden Restaurants said Tuesday that hourly employees at company-run stores will be paid to receive the COVID-19 vaccine, according to the Orlando Sentinel. CEO Gene Lee said in a letter Tuesday that employees will receive two hours of pay for each dose, the outlet reported. The rate will be…
Read MoreStarbucks COO Rosalind Brewer is Leaving the Company in February
Starbucks announced Tuesday the departure of its chief operating officer, Rosalind Brewer, at the end of February. Brewer will be taking up the helm as CEO of Walgreens, a role that will make her the only Black female chief executive of a Fortune 500 company. “Starbucks chief operating role responsibilities are being distributed to other members…
Read MoreGLOBAL FOODSERVICE NEWS FEBRUARY 1, 2021 EDITION
Wendy’s International to redistribute around 200 restaurants to franchisees . . . . Bankruptcy court approves sale of NPC International’s Pizza Hut and Wendy’s restaurants to Wendy’s parent and Flynn Restaurant Group for around $800 million The sale of NPC International’s Pizza Hut and Wendy’s locations to Flynn Restaurant Group and Wendy’s Co. has been…
Read MoreThe Eatertainment Company has Completed its Financial Restructuring, Eliminating $705 Million of Debt
After filing for Chapter 11 bankruptcy in June 2020 and creating a plan of reorganization confirmed by the U.S. Bankruptcy Court on Dec. 15, Chuck E. Cheese parent company CEC Entertainment announced on Dec. 30 that the company completed its financial restructuring and emerged from Chapter 11 protection. The company emerged from bankruptcy with $705…
Read MoreLandry’s Reportedly Eyes Going Public with Fast Acquisition
Texas billionaire Tilman Fertitta is reportedly in talks to take his restaurant giant Landry’s Inc. and his Golden Nugget casino holdings public with Fast Acquisition Corp., though the special purpose acquisition had been looking for quick-service brands. Bloomberg, in a report last week citing “people with knowledge of the matter,” said Fast Acquisition, which was…
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