Global Foodservice News
McDonald’s Invests in Clean Energy that Could Power 8,000 Restaurants
McDonald’s is energizing its fight against climate change by investing in wind and solar projects across the country that has enough power to operate 8,000 restaurants. In 2020, the fast-food chain finished three new virtual power purchase agreements (VPPAs)—two wind farms and one portfolio of solar projects—that will be constructed in Illinois, Oklahoma, North Carolina,…
Read MoreStarbucks Plans to Open about 22,000 Stores in the Next Ten Years
It may seem like there’s already a Starbucks on every corner. But the company is still planning on adding tens of thousands more locations in the coming decade. Starbucks said at an investor event that it plans to increase its store count to about 55,000 by 2030, up from roughly 33,000 today. The company is…
Read MoreThomas Bonfiglio, CEO of Triple T Hospitality Group, on Redefining the Art of ‘Mom & Pop’ Hospitality During the COVID-19 Pandemic
Thomas Bonfiglio, CEO of Triple T Hospitality Group, on Redefining the Art of ‘Mom & Pop’ Hospitality During the COVID-19 Pandemic What a time we are in right now. If someone would’ve told me back in March that the COVID-19 pandemic would still be going on nine months later, I would’ve thought they were crazy.…
Read MoreAtlanta to Allow Restaurants to offer on-Street Dining
Atlanta to Allow Restaurants to offer on-Street Dining Restaurants must apply for a permit before operating on the city’s public right-of-way, according to regulations passed Monday by the Atlanta City Council. Atlanta already allows restaurants to serve food and drinks on sidewalks, with a permit. Since the coronavirus pandemic began, large cities around the country…
Read MoreThe Private Equity Firm Partnered with Management to Invest in the 194-unit PJ United
The Private Equity Firm Partnered with Management to Invest in the 194-unit PJ United The Halifax Group, a Washington, D.C.-based private equity group, has invested along with company management in PJ United, the largest operator of Papa John’s restaurants. Terms of the deal were not disclosed. Halifax is a previous investor in PJ, which operates…
Read MoreDoorDash Sells Shares at $102 in IPO, Pricing above Range
DoorDash, the food delivery provider that’s seen a surge in demand during the coronavirus pandemic, sold shares in its IPO at $102 apiece, pricing above its range, according to people familiar with the matter. The offering on Tuesday values the company at $32.4 billion, based on common stock outstanding and $38.7 billion on a fully-diluted…
Read MoreRepublican and Democratic Senators Propose Compromise Stimulus Package
A bipartisan group of senators has put forth a compromise economic stimulus proposal totaling $908 billion, including $288 billion for small businesses such as restaurants in the form of Paycheck Protection Program loans among other funding, but it doesn’t have support from Congressional leaders, the White House, the left-wing of the Democratic party or the…
Read MoreThe Private-Equity Firm Rejoins the Company after Having Previously Invested from 2007 to 2013
Private-equity firm the Halifax Group announced that they will be investing once again in Papa John’s largest franchisee, PJU Holdings, Inc. (Papa John’s United), which has 194 locations across 10 states. Halifax Group had previously invested in the Birmingham, Ala.-based franchisee from 2007 to 2013 and is now reinvesting a majority stake in the company…
Read MoreCheesecake Factory Ordered to Pay $125K for Misleading Investors
The SEC and The Cheesecake Factory reached a $125,000 settlement after the brand was accused of misleading investors about the condition of the company early into the COVID pandemic. In filings dated March 23 and April 3, The Cheesecake Factory said units were “operating sustainably,” but the SEC described the messaging as “materially false and misleading.”…
Read MoreStarbucks Appoints Mellody Hobson as Non-Executive Chair of the Board of Directors
Mellody Hobson — the co-chief executive officer of Ariel Investments LLC who has served as the Starbucks vice-chair of the executive board since 2018 — has been appointed as the coffee company’s next non-executive chair of the board of directors starting in March 2021, Starbucks announced Wednesday. When she assumes the board chair position, she…
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