Recent Developments in the Restaurant Industry: Bankruptcy, Collusion, and CEO Appointments
Stay informed about the latest updates in the restaurant industry, including bankruptcies, allegations of collusion, and key CEO appointments.
Photo by Louis Hansel on Unsplash
Photo by Louis Hansel on Unsplash
TGI Fridays UK Franchisee's Restructuring
The recent restructuring of TGI Fridays' UK franchisee, which involved closing 36 restaurants and selling off the remaining 51 locations, has made waves in the restaurant industry. The move was part of an administration process, akin to bankruptcy in the UK. Such strategic shifts are often undertaken to reorganize operations, reduce liabilities, and potentially pave the way for a more sustainable future.
Photo by Louis Hansel on Unsplash
McDonald’s Allegations of Collusion
McDonald's recent legal action against prominent beef suppliers, including Cargill, Tyson, JBS, and National Beef Packing Company, alleges collusion to inflate beef prices since 2015. Accusations of price-fixing or collusion in the food supply chain can have far-reaching implications, impacting both businesses and consumers. Legal battles around anti-competitive practices are not uncommon in the food industry, underscoring the importance of fair and transparent market practices.
Photo by Louis Hansel on Unsplash
Original Harold’s Chicken of Nevada Bankruptcy
The Chapter 11 bankruptcy filing from Original Harold’s Chicken of Nevada adds to the recent turmoil in the restaurant sector. Operating in North Las Vegas and Henderson, Nevada, this company, linked to the renowned Harold's Chicken Shack chain established in 1950 in Chicago, faces financial challenges. Bankruptcies in the food service industry can result from various factors, including economic downturns, operational issues, or unsustainable business models.
Photo by Louis Hansel on Unsplash
Leadership Change at Yoshinoya America
The appointment of Glenn Lunde, the former CEO of Togo’s Eateries, as the CEO of Yoshinoya America marks a significant leadership transition in the quick-service chain. With roots dating back to 1899 in Japan, Yoshinoya is a global player with thousands of units worldwide. Lunde's strategic vision and industry experience could signal new directions for Yoshinoya America's approximately 100 locations in California. CEO appointments are critical in shaping the future direction and growth trajectory of restaurant chains.