McDonald’s is testing a chicken sandwich

McDonald’s is entering the chicken sandwich wars. The chain is testing a Crispy Chicken Sandwich in Houston and Knoxville, Tennessee. McDonald’s franchisees have asked for a Southern-style chicken sandwich as Chick-fil-A’s threat to their business grows. But the Chicago-based chain has not tested anything similar to Chick-fil-A’s chicken sandwich since 2018, when it tested the Ultimate Chicken Sandwich in more than 160 locations in Washington state. Chick-fil-A’s chicken sandwich has helped the


McDonald’s is entering the chicken sandwich wars.
The chain is testing a Crispy Chicken Sandwich in Houston and Knoxville, Tennessee.
McDonald’s franchisees have asked for a Southern-style chicken sandwich as Chick-fil-A’s threat to their business grows.
But the Chicago-based chain has not tested anything similar to Chick-fil-A’s chicken sandwich since 2018, when it tested the Ultimate Chicken Sandwich in more than 160 locations in Washington state.
Chick-fil-A’s chicken sandwich has helped the
McDonald’s is testing a chicken sandwich Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: amelia lucas
Keywords: news, cnbc, companies, sales, little, chicken, tested, chain, testing, restaurants, locations, mcdonalds, sandwich, restaurant


McDonald's is testing a chicken sandwich

McDonald’s is entering the chicken sandwich wars.

The chain is testing a Crispy Chicken Sandwich in Houston and Knoxville, Tennessee. The sandwich features a fried chicken filet served on a buttery potato roll, topped with butter and pickles. A deluxe version also includes tomatoes, lettuce and mayo.

The chain on Sunday teased the test, which will run from Dec. 2 through Jan. 26, according to a McDonald’s spokesperson.

“Houston. Knoxville. Lunch tomorrow? No beef,” the fast-food giant tweeted.

McDonald’s franchisees have asked for a Southern-style chicken sandwich as Chick-fil-A’s threat to their business grows. The board of the National Owners Association, an independent franchisee group, wrote in an email in July that a chicken sandwich should be their top priority.

McDonald’s carries Chicken McNuggets and the McChicken sandwich. This fall, it debuted the Spicy BBQ Chicken Sandwich, a limited-time offer that launched to little fanfare. But the Chicago-based chain has not tested anything similar to Chick-fil-A’s chicken sandwich since 2018, when it tested the Ultimate Chicken Sandwich in more than 160 locations in Washington state.

Popeyes Louisiana Kitchen, which is owned by Restaurant Brands International, has seen great success with its own take on the chicken sandwich. After selling out of the new item in a little more than two weeks in August, the sandwich returned in early November. Thanks to the launch of the sandwich, Popeyes had its best quarter in nearly two decades, reporting U.S. same-store sales growth of more than 10%.

Chick-fil-A’s chicken sandwich has helped the chain become the nation’s third-largest restaurant chain by sales, trailing only McDonald’s and Starbucks. McDonald’s has roughly 14,000 restaurants in the U.S., while Chick-fil-A operated 1,989 stand-alone restaurants and 363 “licensed units,” which are the nontraditional stadium, amusement park and university locations, by the end of 2018.


Company: cnbc, Activity: cnbc, Date: 2019-12-02  Authors: amelia lucas
Keywords: news, cnbc, companies, sales, little, chicken, tested, chain, testing, restaurants, locations, mcdonalds, sandwich, restaurant


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McDonald’s workers file lawsuit to address workplace violence

Seventeen Chicago McDonald’s workers are suing the company, alleging that the fast-food chain has failed to address violence in the workplace. In May, McDonald’s workers filed a complaint with the U.S. Occupational Safety and Health Administration, asking the agency to investigate a pattern of violence in the restaurants. In the company’s home city of Chicago, on an average day, 911 receives more than 20 calls from McDonald’s restaurants, according to the lawsuit. The suit argues that McDonald’s


Seventeen Chicago McDonald’s workers are suing the company, alleging that the fast-food chain has failed to address violence in the workplace.
In May, McDonald’s workers filed a complaint with the U.S. Occupational Safety and Health Administration, asking the agency to investigate a pattern of violence in the restaurants.
In the company’s home city of Chicago, on an average day, 911 receives more than 20 calls from McDonald’s restaurants, according to the lawsuit.
The suit argues that McDonald’s
McDonald’s workers file lawsuit to address workplace violence Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-21  Authors: amelia lucas
Keywords: news, cnbc, companies, mean, mcdonalds, address, employees, workers, violence, locations, restaurants, lawsuit, failed, training, workplace, file


McDonald's workers file lawsuit to address workplace violence

Seventeen Chicago McDonald’s workers are suing the company, alleging that the fast-food chain has failed to address violence in the workplace.

In May, McDonald’s workers filed a complaint with the U.S. Occupational Safety and Health Administration, asking the agency to investigate a pattern of violence in the restaurants. In the company’s home city of Chicago, on an average day, 911 receives more than 20 calls from McDonald’s restaurants, according to the lawsuit.

The suit argues that McDonald’s, in its capacity as a landlord, has failed to design its stores to minimize violence. For example, as part of its nationwide remodeling project that includes installing self-order kiosks and digital menu boards, many locations now have split counters. The counters’ wide openings and lowered height mean that it is easier for customers to walk behind or jump on top of the counter and confront employees.

The lawsuit also alleges that McDonald’s has failed to provide proper training to employees for how to handle conflict in its restaurants. In August, McDonald’s announced new training for supervisors and employees, but the plaintiffs said that they have not yet received training.

The lawsuit is seeking an injunction, which would mean putting a halt to McDonald’s pricey renovations, which have cost the company and its franchisees billions of dollars. About two-thirds of McDonald’s U.S. locations have been renovated, according to Securities and Exchange Commission filings.


Company: cnbc, Activity: cnbc, Date: 2019-11-21  Authors: amelia lucas
Keywords: news, cnbc, companies, mean, mcdonalds, address, employees, workers, violence, locations, restaurants, lawsuit, failed, training, workplace, file


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Sears owner gets $250 million lifeline, says it will shut 96 more stores—Here’s where they are

As the holiday season approaches, the parent company of Sears and Kmart has secured a $250 million lifeline and announced plans on Thursday to shut 96 more stores. When Lampert bought Sears out of bankruptcy court for $5.2 billion earlier this year, he acquired 425 Sears and Kmart locations. “We will continue to evaluate our Sears and Kmart footprint, consistent with our overall retail and service strategy,” the company said. It was reported last month that Sears was exploring potential asset sa


As the holiday season approaches, the parent company of Sears and Kmart has secured a $250 million lifeline and announced plans on Thursday to shut 96 more stores.
When Lampert bought Sears out of bankruptcy court for $5.2 billion earlier this year, he acquired 425 Sears and Kmart locations.
“We will continue to evaluate our Sears and Kmart footprint, consistent with our overall retail and service strategy,” the company said.
It was reported last month that Sears was exploring potential asset sa
Sears owner gets $250 million lifeline, says it will shut 96 more stores—Here’s where they are Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-11-07  Authors: lauren thomas
Keywords: news, cnbc, companies, gets, announced, sales, storesheres, sears, owner, locations, lifeline, kmart, stores, 250, million, potential, financing, company, retail, shut


Sears owner gets $250 million lifeline, says it will shut 96 more stores—Here's where they are

As the holiday season approaches, the parent company of Sears and Kmart has secured a $250 million lifeline and announced plans on Thursday to shut 96 more stores.

That will leave the business with 182 locations. The financing came from lenders that include owner Eddie Lampert.

Transformco added it is taking the steps to focus on its “competitive strengths.” But it faces “a difficult retail environment and other challenges.”

When Lampert bought Sears out of bankruptcy court for $5.2 billion earlier this year, he acquired 425 Sears and Kmart locations. He argued at the time that his offer was the best option to keep stores open and save thousands of jobs.

The announced closures and needed financing show that the Sears brand continues to struggle to win back shoppers, despite Sears Holdings filing for bankruptcy and restructuring. Sears was once one of the biggest retailers in America. But Sears’ last profitable year was 2010.

Transformco said going-out-of-business sales are set to begin on Dec. 2. The 96 stores will shutter by February.

“We will continue to evaluate our Sears and Kmart footprint, consistent with our overall retail and service strategy,” the company said.

Transformco added it still expects “to realize a significant return on our extensive portfolio of owned and leased real estate,” which includes logistics business Innovel, Sears Home Services, the Shop Your Way membership program, Kenmore and DieHard.

It was reported last month that Sears was exploring potential asset sales, including of its DieHard brand.

A representative from the company didn’t respond to a request for comment on the potential divestitures.

The company also recently closed on a deal to buy Sears Hometown and roughly 414 of those shops. Following the latest announced closures, the combined retailer will have about 600 locations nationwide.


Company: cnbc, Activity: cnbc, Date: 2019-11-07  Authors: lauren thomas
Keywords: news, cnbc, companies, gets, announced, sales, storesheres, sears, owner, locations, lifeline, kmart, stores, 250, million, potential, financing, company, retail, shut


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After weak third-quarter sales, Tim Hortons’ parent rolls up its sleeves to fix struggling business

After another disappointing quarter from Tim Hortons, the owner of the Canadian coffee chain shared more about its plans to reinvigorate the business. The majority of Tims customers pick up their coffee via a drive-thru. In July, the coffee chain opened its first “innovation cafe” in downtown Toronto — similar to Starbucks’ upscale Roastery locations. But the majority of these customers are using swipe cards, not the Tims’ mobile app, to identify themselves as members. “Now, during this period,


After another disappointing quarter from Tim Hortons, the owner of the Canadian coffee chain shared more about its plans to reinvigorate the business.
The majority of Tims customers pick up their coffee via a drive-thru.
In July, the coffee chain opened its first “innovation cafe” in downtown Toronto — similar to Starbucks’ upscale Roastery locations.
But the majority of these customers are using swipe cards, not the Tims’ mobile app, to identify themselves as members.
“Now, during this period,
After weak third-quarter sales, Tim Hortons’ parent rolls up its sleeves to fix struggling business Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-28  Authors: amelia lucas
Keywords: news, cnbc, companies, fix, weak, sleeves, using, locations, tim, tims, sales, struggling, chain, rolls, quarter, coffee, customers, cil, cold, parent, hortons, thirdquarter


After weak third-quarter sales, Tim Hortons' parent rolls up its sleeves to fix struggling business

After another disappointing quarter from Tim Hortons, the owner of the Canadian coffee chain shared more about its plans to reinvigorate the business.

Shares of its parent company Restaurant Brands slid 3% in morning trading Monday, despite strong performances from its other two chains, Popeyes Louisiana Kitchen and Burger King.

Tims, which is in the middle of a multiyear turnaround, accounted for 60% of Restaurant Brands’ total revenue during the third quarter. The chain is still responsible for seven out of every ten cups of coffee sold in Canada.

But in Canada, its home market, same-store sales declined by 1.2%.

“This was a challenging quarter, but we continue to be focused on delivering results and have our sleeves rolled up as we finish the year,” Restaurant Brands CEO Jose Cil told analysts on the conference call.

Sales of both hot and cold beverages were weaker during the quarter. Limited-time offers did not help declining sales of the Iced Capp, Tims’ version of the Frappuccino. Canada’s cold weather means that fewer customers drink cold beverages year round.

“However, we were encouraged by the Creamy Chills products and believe they have the potential to be a strong platform for future innovation and growth,” Cil said.

For hot beverages, Tims is trying to improve the quality and efficiency of its 40-year-old coffee-making system by rolling out new brewers across Canada by early 2020. The brewers have a new water filtration system for more consistent coffee and free up more time for employees.

The chain also unveiled new spill-resistant lids for its coffee during the third quarter. The majority of Tims customers pick up their coffee via a drive-thru.

Tim Hortons also recognized the importance of the drive-thru in its renovations of hundreds of stores. Some locations have received double drive-thru lanes to allow for faster service.

The chain is also trying to address weaker lunchtime food sales, although executives did not share any more specifics.

“Given our leadership in convenience and frequency, we continue to believe that we can win market share and lunch over time with the right investment and focus,” Cil said.

In July, the coffee chain opened its first “innovation cafe” in downtown Toronto — similar to Starbucks’ upscale Roastery locations. Tims is using the store to introduce new products, like a line of handcrafted doughnuts and a line of Nitro cold drinks. It plans to test the Nitro cold brew and iced teas in some locations next year.

Starbucks’ own Nitro cold brew has helped drive U.S. sales since it began rolling it out across the United States.

One bright spot for Tims was the continued success of its loyalty program, which launched in March. Half of all of its transactions come from rewards members.

But the majority of these customers are using swipe cards, not the Tims’ mobile app, to identify themselves as members. The chain is working on converting these customers into using the app, so it can target them with personalized promotions.

“Now, during this period, we may see a little pressure on [same-store sales growth] but we’re confident long term that this is going to be a driver of traffic and profitable sales,” Cil said.

Tims is also expanding its overseas reach as growth in its home market slows. The chain is opening more restaurants in the United Kingdom, Spain, Mexico and the Middle East. It is also targeting China, with plans to open 1,500 locations across the country in the next decade.


Company: cnbc, Activity: cnbc, Date: 2019-10-28  Authors: amelia lucas
Keywords: news, cnbc, companies, fix, weak, sleeves, using, locations, tim, tims, sales, struggling, chain, rolls, quarter, coffee, customers, cil, cold, parent, hortons, thirdquarter


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Starbucks isn’t working in South Africa – here’s why

Starbucks isn’t working in South Africa – here’s why12:07 PM ET Thu, 24 Oct 2019The first Starbucks in sub-Saharan Africa opened in 2016 through a partnership between South Africa’s Taste Holdings and Starbucks. In November 2018, after opening 12 stores, Taste paused the rollout of new Starbucks locations. It said Starbucks wasn’t making enough money to continue opening new locations. But Taste has a plan to get Starbucks back on track. In August 2019, the company started opening stores again wi


Starbucks isn’t working in South Africa – here’s why12:07 PM ET Thu, 24 Oct 2019The first Starbucks in sub-Saharan Africa opened in 2016 through a partnership between South Africa’s Taste Holdings and Starbucks.
In November 2018, after opening 12 stores, Taste paused the rollout of new Starbucks locations.
It said Starbucks wasn’t making enough money to continue opening new locations.
But Taste has a plan to get Starbucks back on track.
In August 2019, the company started opening stores again wi
Starbucks isn’t working in South Africa – here’s why Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-24  Authors: gianluigi guercia, afp, getty images
Keywords: news, cnbc, companies, africa, taste, working, opening, why1207, south, locations, heres, wasnt, isnt, starbucks, stores


Starbucks isn't working in South Africa – here's why

Starbucks isn’t working in South Africa – here’s why

12:07 PM ET Thu, 24 Oct 2019

The first Starbucks in sub-Saharan Africa opened in 2016 through a partnership between South Africa’s Taste Holdings and Starbucks. In November 2018, after opening 12 stores, Taste paused the rollout of new Starbucks locations. It said Starbucks wasn’t making enough money to continue opening new locations. But Taste has a plan to get Starbucks back on track. In August 2019, the company started opening stores again with its 13th location.


Company: cnbc, Activity: cnbc, Date: 2019-10-24  Authors: gianluigi guercia, afp, getty images
Keywords: news, cnbc, companies, africa, taste, working, opening, why1207, south, locations, heres, wasnt, isnt, starbucks, stores


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Dunkin’ accelerates nationwide launch of Beyond Meat

Dunkin’ is moving up the date of its nationwide launch of its Beyond Sausage sandwich after successful tests in Manhattan. The chain started testing the breakfast sandwich made with plant-based sausage from Beyond Meat in July in Manhattan locations. Initially, Dunkin’ was planning on rolling out the menu item nationwide in January. Dunkin’ is looking to replicate that success across the country with the permanent menu item. But nationwide launches of Beyond products do not guarantee that the it


Dunkin’ is moving up the date of its nationwide launch of its Beyond Sausage sandwich after successful tests in Manhattan.
The chain started testing the breakfast sandwich made with plant-based sausage from Beyond Meat in July in Manhattan locations.
Initially, Dunkin’ was planning on rolling out the menu item nationwide in January.
Dunkin’ is looking to replicate that success across the country with the permanent menu item.
But nationwide launches of Beyond products do not guarantee that the it
Dunkin’ accelerates nationwide launch of Beyond Meat Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-21  Authors: amelia lucas
Keywords: news, cnbc, companies, sandwich, sausage, locations, nationwide, dunkin, menu, egg, meat, manhattan, item, accelerates, launch, cheese


Dunkin' accelerates nationwide launch of Beyond Meat

Dunkin’ is moving up the date of its nationwide launch of its Beyond Sausage sandwich after successful tests in Manhattan.

The chain started testing the breakfast sandwich made with plant-based sausage from Beyond Meat in July in Manhattan locations. Initially, Dunkin’ was planning on rolling out the menu item nationwide in January. Now, it’s launching Nov. 6.

The Beyond Sausage sandwich, which comes with egg and cheese, was the number two selling sandwich in Manhattan locations, lagging behind only the bacon, egg and cheese bagel, the company said Monday. Sales were more than double Dunkin’s original forecast, and customers were buying it during all times of the day — not just typical breakfast hours.

Dunkin’ is looking to replicate that success across the country with the permanent menu item. But nationwide launches of Beyond products do not guarantee that the item will be on menus forever. Tim Hortons, the Canadian coffee chain owned by Restaurant Brands International, pulled Beyond’s sausages and burgers from its menu in every province except Ontario and British Columbia in September.

Shares of Dunkin’, which has a market value of $6.3 billion, are up 18% this year. The stock of rival Starbucks, valued at $103 billion, is up 33% in the same time period.


Company: cnbc, Activity: cnbc, Date: 2019-10-21  Authors: amelia lucas
Keywords: news, cnbc, companies, sandwich, sausage, locations, nationwide, dunkin, menu, egg, meat, manhattan, item, accelerates, launch, cheese


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Chick-fil-A’s first UK location will close after pressure from LGBTQ rights group

Chick-fil-A opened its first location in the United Kingdom in early October. A little more than a week later, the British shopping center leasing the location has already said it will not extend the restaurant’s six-month lease, BBC reported Friday. The Oracle shopping center in Reading faced pressure from a local LGBTQ rights group, Reading Pride, according to the BBC. This six month pilot licensed location in Reading, UK is part of our exploration in international markets.” Read more about th


Chick-fil-A opened its first location in the United Kingdom in early October.
A little more than a week later, the British shopping center leasing the location has already said it will not extend the restaurant’s six-month lease, BBC reported Friday.
The Oracle shopping center in Reading faced pressure from a local LGBTQ rights group, Reading Pride, according to the BBC.
This six month pilot licensed location in Reading, UK is part of our exploration in international markets.”
Read more about th
Chick-fil-A’s first UK location will close after pressure from LGBTQ rights group Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: amelia lucas
Keywords: news, cnbc, companies, rights, location, chickfilas, toronto, locations, group, chickfila, shopping, oracle, reading, past, company, local, lgbtq, pressure, close


Chick-fil-A's first UK location will close after pressure from LGBTQ rights group

French fries and a fried chicken sandwich are arranged for a photograph at a Chick-fil-A restaurant.

Chick-fil-A opened its first location in the United Kingdom in early October.

A little more than a week later, the British shopping center leasing the location has already said it will not extend the restaurant’s six-month lease, BBC reported Friday.

The Oracle shopping center in Reading faced pressure from a local LGBTQ rights group, Reading Pride, according to the BBC.

The Atlanta-based company has faced criticism and boycotts for its past donations to anti-LGBTQ groups and CEO Dan Cathy’s public comments opposing gay marriage.

Chick-fil-A’s controversial past has slowed its rapid expansion previously. In April, the company lost out on two potentially lucrative airport contracts in the U.S. after local politicians raised concerns over the company’s anti-LGBTQ history.

Still, the chicken chain is the third-largest U.S. restaurant company by sales, just behind McDonald’s and Starbucks. Chick-fil-A is trying to catch up with its competition by expanding outside of its stronghold in the Southeast. In 2018, it announced plans to open its first international location in Toronto, with at least 14 more locations planned in the greater Toronto area in the next five years.

A Chick-fil-A spokesperson told CNBC in a statement: “Chick-fil-A is always evaluating potential new locations in the hope of serving customers great food and award winning service. This six month pilot licensed location in Reading, UK is part of our exploration in international markets.”

The Oracle did not immediately respond to a request for comment from CNBC.

Read more about the shopping center’s decision not to extend Chick-fil-A’s lease here.


Company: cnbc, Activity: cnbc, Date: 2019-10-18  Authors: amelia lucas
Keywords: news, cnbc, companies, rights, location, chickfilas, toronto, locations, group, chickfila, shopping, oracle, reading, past, company, local, lgbtq, pressure, close


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The Impossible Whopper is driving steady traffic to Burger King, data shows

In this photo illustration, an ‘Impossible Whopper’ sits on a table at a Burger King restaurant on April 1, 2019 in Richmond Heights, Missouri. Burger King announced on Monday that it is testing out Impossible Whoppers, made with plant-based patties from Impossible Foods, in 59 locations in and around St. Louis area. Burger King began testing the new burgers exclusively at St. Louis locations in April. The analysis showed traffic grew about 18% in the St. Louis locations versus no comparable gai


In this photo illustration, an ‘Impossible Whopper’ sits on a table at a Burger King restaurant on April 1, 2019 in Richmond Heights, Missouri.
Burger King announced on Monday that it is testing out Impossible Whoppers, made with plant-based patties from Impossible Foods, in 59 locations in and around St. Louis area.
Burger King began testing the new burgers exclusively at St. Louis locations in April.
The analysis showed traffic grew about 18% in the St. Louis locations versus no comparable gai
The Impossible Whopper is driving steady traffic to Burger King, data shows Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: thomas franck
Keywords: news, cnbc, companies, king, whopper, burger, shows, barclays, driving, steady, team, impossible, traffic, data, louis, locations


The Impossible Whopper is driving steady traffic to Burger King, data shows

In this photo illustration, an ‘Impossible Whopper’ sits on a table at a Burger King restaurant on April 1, 2019 in Richmond Heights, Missouri. Burger King announced on Monday that it is testing out Impossible Whoppers, made with plant-based patties from Impossible Foods, in 59 locations in and around St. Louis area.

Data reveals that the introduction of Burger King’s meat-alternative patties increased traffic at the global fast-food franchise both during city-specific testing as well as after a nationwide rollout.

Researchers at Barclays studied the ratio of traffic share between Burger King restaurants in St. Louis and locations nationwide during the company’s trial phase of its new Impossible Whopper, a plant-based burger produced by Impossible Foods. Burger King began testing the new burgers exclusively at St. Louis locations in April.

The analysis showed traffic grew about 18% in the St. Louis locations versus no comparable gains for McDonald’s St. Louis restaurants or Burger King’s Kansas City locations.

“Since mid-July, we have seen BK gain traffic nationally relative to McDonald’s with the gains accelerating as we approached the nationwide launch of the Impossible Whopper,” the Barclays team wrote. Our research suggests that, “following the national launch of the Impossible Whopper, BK stores have seen an ~2 percentage point traffic lift nationally, relative to McDonald’s.”

Source: Barclays Research

The success of the meat-less Impossible Whopper have kept investor expectations reasonable and put Burger King on track for a 3.5% bump in U.S. same-store sales, the Barclays team added.

Burger King is a subsidiary of Canadian multinational fast food holding company, Restaurant Brands International. The stock was last seen trading at CA$91.59; the Barclays team sees the stock rallying 23% to $86, or about CA$113, over the next 12 months.

And their forecast success, the Barclays team wrote, is in part thanks to the demand for Impossible Whoppers.


Company: cnbc, Activity: cnbc, Date: 2019-10-16  Authors: thomas franck
Keywords: news, cnbc, companies, king, whopper, burger, shows, barclays, driving, steady, team, impossible, traffic, data, louis, locations


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WeWork opens new sites at breakneck speed despite cash-burn concerns

According to a Reuters analysis of information on the company’s website, WeWork had 622 sites open in 123 cities on Oct. 10. The website also identifies 89 sites as “coming soon” and 117 sites as “just announced” — new locations that are yet to open. A WeWork spokesman declined to comment on its plans. On Friday, WeWork said it will shut down its WeGrow private school in New York City as it pares peripheral operations. A WeWork spokesman declined to comment.


According to a Reuters analysis of information on the company’s website, WeWork had 622 sites open in 123 cities on Oct. 10. The website also identifies 89 sites as “coming soon” and 117 sites as “just announced” — new locations that are yet to open. A WeWork spokesman declined to comment on its plans. On Friday, WeWork said it will shut down its WeGrow private school in New York City as it pares peripheral operations. A WeWork spokesman declined to comment.
WeWork opens new sites at breakneck speed despite cash-burn concerns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-14
Keywords: news, cnbc, companies, cities, company, half, spokesman, despite, speed, unclear, opens, concerns, breakneck, website, sites, wework, openings, locations, cashburn


WeWork opens new sites at breakneck speed despite cash-burn concerns

WeWork has opened almost as many new locations in the last 3-1/2 months as it did in the whole first half of this year, likely accelerating the speed with which the office-sharing company is burning through cash as increasingly hard-nosed investors scrutinize its prospects for going public.

According to a Reuters analysis of information on the company’s website, WeWork had 622 sites open in 123 cities on Oct. 10. That compares with its footprint of 528 locations in 111 cities on June 30 that was outlined in the prospectus for its abandoned IPO.

The website also identifies 89 sites as “coming soon” and 117 sites as “just announced” — new locations that are yet to open.

Altogether, WeWork says on the website that it will soon have 845 locations in 125 cities, but it is unclear whether all those will still open. A WeWork spokesman declined to comment on its plans.

The quickening pace of new office openings adds to the risks for WeWork, a company that has created a global brand for its shared workspace concept but was forced to halt plans to go public on Sept. 30 because of investor concerns about how it was valued and whether its business model is sustainable.

The company is now cutting back, including laying off some employees and closing or selling entities that are not essential to its core operations as it seeks to avoid running out of cash. On Friday, WeWork said it will shut down its WeGrow private school in New York City as it pares peripheral operations.

The 97 new locations WeWork added in the first half of this year on average cost $2.63 million each in design and construction costs, up 38% from the $1.91 million that 82 openings each cost in the first half of 2018, according to the IPO document. It added 94 new locations between the start of July and Oct. 10, according to its website.

Whether the average size of a new location in the latest burst of openings is similar to those in the first half of this year is unclear. A WeWork spokesman declined to comment.

“Investors don’t want to invest in a company with such a high cash-burn rate,” said Gina Szymanski, a portfolio manager at real estate-focused AEW Capital Management in Boston. “They have got to slow their growth down and focus a little bit more on profitability.”


Company: cnbc, Activity: cnbc, Date: 2019-10-14
Keywords: news, cnbc, companies, cities, company, half, spokesman, despite, speed, unclear, opens, concerns, breakneck, website, sites, wework, openings, locations, cashburn


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Here’s a map of the Forever 21 stores that could close by the end of the year

Forever 21 on Tuesday released a list of the nearly 180 locations it could potentially close as part of its bankruptcy proceedings. But the 178 stores listed in this map are some of Forever 21’s most unprofitable, and it expects the stores will close if no further deals are reached. CNBC reported on Monday how much the Forever 21 closures could impact U.S. mall owners. For many publicly traded mall owners, Forever 21 has been a top tenant. The store closure list released on Tuesday includes the


Forever 21 on Tuesday released a list of the nearly 180 locations it could potentially close as part of its bankruptcy proceedings. But the 178 stores listed in this map are some of Forever 21’s most unprofitable, and it expects the stores will close if no further deals are reached. CNBC reported on Monday how much the Forever 21 closures could impact U.S. mall owners. For many publicly traded mall owners, Forever 21 has been a top tenant. The store closure list released on Tuesday includes the
Here’s a map of the Forever 21 stores that could close by the end of the year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: lauren thomas
Keywords: news, cnbc, companies, map, close, list, heres, forever, stores, store, locations, company, expect, owned, end


Here's a map of the Forever 21 stores that could close by the end of the year

Forever 21 on Tuesday released a list of the nearly 180 locations it could potentially close as part of its bankruptcy proceedings.

When the apparel retailer filed for bankruptcy on Sunday evening, it said it had 549 stores in the U.S. and 251 locations internationally. The planned closures represent about a third of Forever 21’s entire fleet of stores in the U.S.

A company spokesperson said the restructuring “will focus on maximizing the value of our U.S. footprint and shuttering certain international locations.”

The list, filed in court documents, said the company doesn’t necessarily expect to close all of these locations, as talks with landlords are still ongoing to try to renegotiate leases and rents. But the 178 stores listed in this map are some of Forever 21’s most unprofitable, and it expects the stores will close if no further deals are reached. (See the full list below.)

If deals are reached, the company says it will remove the sites from its current store closure list and file a new list.

“We do … expect a significant number of these stores will remain open and operate as usual, and we do not expect to exit any major markets in the U.S.,” a Forever 21 spokesperson said.

Liquidation sales are expected to be completed by the end of this year at the sites selected to be vacated. The company said it expects the inventory tied up at these stores is about $80 million.

CNBC reported on Monday how much the Forever 21 closures could impact U.S. mall owners. For many publicly traded mall owners, Forever 21 has been a top tenant. And in some instances, Forever 21 stores span more than 100,000 square feet, as the apparel retailer had a strategy of acquiring vacant department store space at one point to try to scale.

The store closure list released on Tuesday includes the Forever 21 store at the World Trade Center, owned by Unibail-Rodamco-Westfield, in New York. It has 18 locations owned by Westfield in total.

There are 16 Macerich locations on the list.

The list has 10 locations owned by Taubman, including its store at Beverly Center in Los Angeles. It has nine Tanger locations, which are in outlet centers. It has seven CBL locations and six Pennsylvania REIT locations.

None of these landlords were immediately available to respond to CNBC’s requests for comment.


Company: cnbc, Activity: cnbc, Date: 2019-10-01  Authors: lauren thomas
Keywords: news, cnbc, companies, map, close, list, heres, forever, stores, store, locations, company, expect, owned, end


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