New Starbucks CEO Brian Niccol will focus on improving the chain’s U.S. business in his early days on the job before he moves to fix its issues abroad, according to an open letter published on Tuesday. “… In some places — especially in the U.S. — we aren’t always delivering,” Niccol wrote in the open letter addressed to customers,…
The exterior of a Red Lobster restaurant in Austin, Texas, on May 20, 2024. Brandon Bell | Getty Images A bankruptcy court approved Red Lobster’s plan to exit Chapter 11, putting the seafood chain one step closer to exiting bankruptcy. The company, known for its seafood offerings and cheddar biscuits, filed for bankruptcy protection in May. Red Lobster had…
Beyond Meat in El Segundo, California, on May 30, 2024. Christina House | Los Angeles Times | Getty Images Beyond Meat will introduce a whole-muscle steak alternative as part of its pivot to win over health-conscious consumers. CEO Ethan Brown said on Wednesday that the rollout will likely include a partnership with a restaurant chain known for serving healthier…
The Red Lobster logo is displayed outside of a closed restaurant in Torrance, California, on May 14, 2024. Patrick T. Fallon | Afp | Getty Images Restaurant bankruptcy filings have surged so far this year, echoing a broader rise in corporate bankruptcies across sectors. At least 10 restaurant chains, not including multi-unit franchisees, have filed for bankruptcy in 2024….
Leopatrizi | E+ | Getty Images Lawmakers want to crack down on “junk fees,” but restaurants are trying to stay out of the fight. Surcharges or fees covering everything from credit card processing to gratuities to “inflation” have become more popular on restaurant checks in recent years. Last year, 15% of restaurant owners added surcharges or fees to checks…
A Burger King Whopper hamburger is displayed in San Anselmo, California, on April 5, 2022. Justin Sullivan | Getty Images Walmart members are in for a whopper of a deal. The retailer on Thursday announced a new partnership with fast-food chain Burger King that will offer members of its Walmart+ subscription program 25% off any Burger King order made…
Cava on Thursday raised its full-year outlook as its restaurants reported strong traffic, fueling better-than-expected quarterly earnings and revenue. Shares of the company rose 9% in extended trading. The stock has more than doubled its value this year, bringing Cava’s market cap up to about $11.6 billion, as of Thursday’s close. Here is what the company reported for the…
Mobile order and Uber Eats and Doordash delivery pick up area at Starbucks coffee shop, Queens, New York. Lindsey Nicholson | UCG | Universal Images Group | Getty Images It’s become a familiar sight at Starbucks cafes: a counter crowded with mobile orders, frustrated customers waiting for the drinks they ordered and overwhelmed baristas trying to keep up with…
Starbucks offered incoming CEO and Chair Brian Niccol a pay bump and hefty one-time awards to lure him from his prior role as chief executive at Chipotle Mexican Grill. Niccol officially takes the reins at the embattled coffee chain on Sept. 9. As CEO, he’ll be tasked with turning around the company’s slumping sales, improving customers’ experience inside stores…
Brian Niccol, CEO of Chipotle Anjali Sundaram | CNBC Wall Street believes Brian Niccol is the right choice to turn around Starbucks — and move the chain past the decadeslong Howard Schultz era. Starbucks tapped Niccol as its latest chief executive and chair on Tuesday. Niccol replaces Laxman Narasimhan, who took over the top job in March 2023 after…
