By Lisa Baertlein and Avik Das
(Reuters) – Growth-hungry investors snapped up shares offered by Shake Shack Inc (SHAK.N: Quote, Profile, Research), setting the stage for a sizzling debut for the New York-based burger chain when its stock starts trading on Friday.
Shares of the company, which has won a cult following for its rich milkshakes and hormone- and antibiotic-free burgers, priced at $21 each, an underwriter said, valuing the chain that started as a hotdog cart in a park at about $745 million.
Jan 29 (Reuters) – Growth-hungry investors are lining up for
shares of burger chain Shake Shack, which plans to
price its initial public offering after the U.S. stock market
closes on Thursday.
The IPO market lately has been particularly fruitful for
so-called fast-casual chains such as Shake Shack rival Habit
Restaurants Inc and others that hope to replicate the
red-hot growth of burrito chain Chipotle Mexican Grill Inc
Jan 23 (Reuters) – McDonald’s Corp warned on Friday
that business will be weak in the first half of 2015 and it is
cutting its annual construction budget to the lowest in more
than five years as it opens fewer restaurants in struggling
The world’s largest fast-food chain, with more than 36,000
restaurants around the globe, just finished one of its toughest
years in decades.
Jan 22 (Reuters) – Starbucks Corp on Thursday said
traffic to its Americas-region stores perked up during the
holiday quarter, easing investor jitters about slower growth and
boosting shares over 4 percent in after-hours trading.
The world’s biggest coffee chain also announced that
director Kevin Johnson would become Starbucks president and
chief operating officer, effective March 1, replacing long-time
executive Troy Alstead, who said he is taking an extended
sabbatical to spend time with his family.
Jan 22 (Reuters) – Former McDonald’s Corp workers in
Virginia filed a civil rights lawsuit Thursday against the
world’s largest fast-food chain and owner of restaurants where
they worked in the latest bid to hold it legally responsible for
the actions of its franchisees.
Nine African-American and one Hispanic worker claimed they
were subjected to “rampant racial and sexual harassment” by
supervisors at three restaurants run by McDonald’s franchisee
Michael Simon, who operates as Soweva Co.
LOS ANGELES, Jan 8 (Reuters) – As chefs in California
hurried to stock their kitchens with newly legal foie gras,
animal rights activists on Thursday protested a federal judge’s
decision overturning the state’s two-year ban on sales of the
fatty liver of ducks and geese.
Chefs said they were scrambling to line up shipments from
outside California while activists picketed restaurants in Los
Angeles and San Francisco that planned to serve the French
delicacy prized for its creamy texture and rich taste.
(Reuters) – A federal judge on Wednesday struck down a controversial California law that banned the production and sale of foie gras, a culinary delicacy produced from the enlarged livers of ducks and geese that have been force-fed corn.
While some California chefs rushed to return foie gras to menus, animal rights activists said the state’s hard-fought foie gras battle was far from over.
By Lisa Baertlein and Ankush Sharma
(Reuters) – Greek yogurt maker Chobani, which is recovering from a product recall, on Monday said it will name a new chief executive to replace its founder and may appoint its acting president, a turnaround expert from private equity firm TPG which lent the company $750 million last year.
Chobani plans to name a new chief executive in the first half of 2015 and among the candidates to replace company founder Hamdi Ulukaya as CEO is interim president and chief operating officer Kevin Burns, a senior partner at Texas-based TPG with a reputation as a turnaround expert with experience in manufacturing.
NEW YORK/LOS ANGELES, Dec 16 (Reuters) – The National Labor
Relations Board (NLRB) is expected to rule soon on if, and how,
companies can be held responsible for labor violations carried
out by their contractors or franchisees – a move that could have
far-reaching implications for businesses.
If the five-member board decides to broaden the theory known
as “joint employer,” industry groups say it will harm businesses
and could potentially set in motion a number of legal battles.
LOS ANGELES, Dec 11 (Reuters) – Crippling cargo backups at
U.S. West Coast ports stretched into a third month amid industry
reports on Thursday of prolonged shipment delays for goods
ranging from yoga apparel and rice to NBA bobblehead
collectibles and frozen french fries.
The congestion crisis has been most pronounced at the twin
ports of Los Angeles and Long Beach, the nation’s two busiest
cargo hubs, where marine officials reported 11 ships anchored on
Thursday waiting for berths to open.