restaurant
New York (AFP) - McDonald's reported a modest increase in quarterly profits Tuesday despite a boycott stemming from the Middle East conflict expected to drag on sales for the foreseeable future. While the boycott is not "getting worse," Chief Executive Chris Kempczinski does not have a timeframe for a return to normal conditions. "We're not expecting to see any meaningful improvement in the impact... until the war is over," he told analysts on a conference call. Sales of McDonald's were dented after its Israel franchise in October announced it had given thousands of free meals to the Israeli a...
AFP
New York (AFP) - Controversy has simmered around France's entry for the Oscars, "The Taste of Things" -- a love letter to the country's culinary traditions -- but filmmaker Tran Anh Hung and star chef Pierre Gagnaire say the art of cooking is worth celebrating. The movie, which hopes to win an Oscar nod in January, is a sumptuous 19th century romance about a cook (Academy Award winner Juliette Binoche), the gourmand she works for (Benoit Magimel) -- and the exquisite dishes they create. "I've been looking for a subject about cooking for 20 years, because I wanted to make a film about an art f...
AFP
New York (AFP) - Three big companies in the gig economy -- Uber, Doordash and Grubhub -- lost a court battle Thursday in New York after a judge upheld a new minimum wage for app-based food delivery workers who became essential during the pandemic. The new law mandating that the platforms pay the couriers more -- at least $18 per hour starting in October -- was supposed to go into effect in July, before the companies sued to obtain a restraining order. Judge Nicholas Moyne of the State Supreme Court put the new law on hold while he deliberated, but on Thursday he ruled against the plaintiffs an...
AFP
New York (AFP) - The Subway sandwich chain announced Thursday that it reached a deal to be acquired by Roark Capital, a private equity firm active in the restaurant and prepared foods sectors. Subway, which has nearly 37,000 restaurants in more than 100 countries, said the deal would combine the chain's "global presence and brand strength with Roark's deep expertise in restaurant and franchise business models," according to a press release. Financial terms were not disclosed. The value of the deal was expected to be over $9 billion, a person familiar with the matter told AFP earlier this week....
AFP
New York (AFP) - The Subway sandwich chain is near a deal to be acquired for more than $9 billion in a transaction that could be announced as soon as Wednesday, a person familiar with the matter said. Bids for the sandwich chain were due Tuesday, the person said, with competing offers from Roark Capital and a consortium that includes private equity firms TDR and Sycamore. The winner is expected to be the high bid in an all-cash deal. Originally founded in 1965 as an Italian-style submarine sandwich shop, Subway today has nearly 37,000 restaurants in more than 100 countries. The fast-food chain...
AFP
New York (AFP) - Andrew Martinez was not born into a New York bagel empire and didn't start baking the Big Apple's quintessential ring of doughy goodness until he was in his 40s. Yet the Queens-born Martinez, his wife Ashley Dikos and their growing business, Bo's Bagels, are regularly mentioned among the top producers of the ring-shaped bread products, a breakfast and lunch staple. For Martinez, his ascent into the bagel elite is a happy accident. "Sometimes I walk in here and say, 'I can't believe this is my life,'" Martinez told AFP. "This is New York. It's incredibly difficult to succeed he...
AFP
New York (AFP) - McDonald's announced plans Thursday for a "phased" partial reopening of restaurants in Ukraine, where operations have been shuttered since February due to the Russian invasion. The US burger chain will "reopen some restaurants in Kyiv and western Ukraine, where other businesses have safely reopened," Paul Pomroy, senior vice president for international operated markets, said in a message to employees. Pomroy cited requests from the company's Ukrainian employees for the relaunch to signify "a small but important sense of normalcy" in the besieged country. McDonald's suspended i...
AFP
New York (AFP) - Amazon Prime customers in the United States will be able to receive a year of free restaurant delivery through Grubhub+ under a deal announced Wednesday by Just Eat Takeaway.com. Prime members will have access to hundreds of thousands of restaurants on Grubhub, the American affiliate of Anglo-Dutch company Just Eat Takeaway. The deal should expand Grubhub+ membership while having a neutral effect on 2022 earnings, Just Eat Takeaway said in a news release. In exchange, Amazon will receive warrants for two percent of Grubhub's common equity, with the potential for up to 13 perc...
AFP
New York (AFP) - New York restaurateur James Mallios has long prided himself on culinary authenticity, spending more for sunflower oil because it is used in Greece to fry foods. But prices of the product more than tripled after Russia's invasion of Ukraine, which sidelined a major sunflower oil exporter, requiring a pivot to canola oil if Mallios's small restaurant and catering business was going to survive. Canola oil isn't the same at all, but "there are bigger problems in the world," Mallios says with a shrug. More than two years into Covid-19, hospitality companies are no longer shocked b...
AFP
New York (AFP) - McDonald's shareholders overwhelmingly rejected billionaire Carl Icahn's efforts to install two board members to remake the company's animal welfare policies, the restaurant chain said Thursday. Icahn, known on Wall Street for playing hardball in messy corporate battles, had launched the unlikely crusade earlier this spring, accusing the food giant of inhumane pig-farming practices and breaking its promises to address the problem. But Icahn's nominees garnered only about one percent of outstanding shares, according to preliminary results released by McDonald's that said all 12...
AFP
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