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☆ Buffalo Wild Wings leans into Go takeout format as a third of sales move off premises
▼ + stars: | 2024-04-11 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

The 100th location of Buffalo Wild Wings Go opened Wednesday on the Upper East Side in Manhattan. Buffalo Wild Wings opened its 100th Go location on Wednesday in New York City, four years after unveiling the quick-service offshoot of its sports bar chain. Since 2018, Buffalo Wild Wings has been a part of Inspire Brands, which is backed by private equity firm Roark Capital. Buffalo Wild Wings' revenue fell 1% in 2023 to $2.32 billion, according to franchise disclosure documents. Opening a traditional Buffalo Wild Wings location requires anywhere from $2.44 million to $4.83 million in initial investment, depending on the restaurant's location and other factors, according to franchise disclosure documents.

Persons: Jimmy John's, Dunkin, Robbins, Red Robin, Jack Litman Organizations: Buffalo Wild Wings, Manhattan . Buffalo Wild Wings, Inspire Brands, Roark Capital, Baskin, Inspire, Barclays, Munson Group Locations: Side, Manhattan, New York City, BWW

☆ Inspire Brands CEO is 'pleasantly surprised' about the resiliency of consumers
▼ + stars: | 2024-03-05 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

Despite the ongoing pressures of inflation, Inspire Brands CEO Paul Brown told CNBC's Jim Cramer on Tuesday he's seen that consumers have been resilient. Inspire Brands owns numerous well-known restaurant chains including Dunkin', Baskin-Robins, Buffalo Wild Wings, Arby's, Jimmy John's and Sonic. "We see about 75% of Americans every year in one of our restaurants, given the breadth of our brands," Brown said. "So we do see the nation, and we have been pleasantly surprised about the resiliency. Correction: A previous version of this story mischaracterized the name of Inspire Brands.

Persons: Paul Brown, CNBC's Jim Cramer, Dunkin, Jimmy John's, Brown Organizations: Inspire Brands, Baskin, Robins, Buffalo Wild Wings Locations: Rhode Island

☆ For the 1st time in 7 years, Subway opened more stores than it closed
▼ + stars: | 2024-02-02 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

In 2023, for the first time since 2016, Subway opened more stores than it closed. Subway has closed thousands of stores, resulting in years of decline in net restaurant count. AdvertisementFor the first time since 2016, after years of store closures, Subway finally opened more sites than it shuttered. AdvertisementBut Subway has also been closing thousands of stores, resulting in years of net restaurant-count decline. Restaurant Business previously reported that Subway had closed more than 6,500 restaurants between 2015 and 2022.

Persons: —, Gerardo Mora, It's, Roark Capital, Jimmy John's, Dunkin, Roark, Anne's Organizations: Subway, Service, Business, . Subway, Getty, Subway Subway, North, American, Roark Locations: Mainland China, North America

☆ Your local Subway will no longer be allowed to reject digital coupons or avoid footlong sandwich deals
▼ + stars: | 2023-12-04 | by ( Nancy Luna | ) www.businessinsider.com time to read: +4 min

Subway franchisees have been able to opt out of deals made through the chain's app. Starting December 28, the chain is forcing franchisees to honor all digital deals. Subway appThe Subway app currently shows a deal for 50 % off a footlong sandwich when you buy one at full price. A Subway franchisee from California questioned the legality of forcing operators to accept low-margin deals via the app. The California franchisee said they honor digital deals to maintain good customer relationships.

Persons: Jimmy John's, —, we've, Roark, Subway's Organizations: Service, Business, Roark Capital, FTC, Subway, Federal Trade Commission, Politico Locations: California

☆ Melissa, Texas, has a population of 19,000 and a high school football stadium that some colleges would envy. See inside the $35 million arena.
▼ + stars: | 2023-09-19 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Another Texas high school has opened a swanky new football stadium that many colleges would envy. AdvertisementAdvertisementExample #2462 that high school football in Texas is different...Melissa High School (40 miles north of Dallas) just opened a $35 million football complex with a 10,000-seat stadium and a state-of-the-art indoor practice facility. A view of the Melissa High School football field's video board, as seen in WFAA drone footage. The Melissa High School football training facility and practice field seen in drone footage obtained by WFAA. In 2012, the school district in Allen, Texas, opened a $60 million football stadium for Allen High School.

Persons: Kenny Deel, elissa H, orth, ould, elissa, ike, rove, alf Organizations: Service, Melissa High School, FAA, ust Locations: Texas, Melissa , Texas, Wall, Silicon, Dallas, ife

Aug 24 - Subway has agreed to sell itself to private equity firm Roark Capital in a deal valuing the sandwich chain at more than $9 billion, sources said, ending a long-drawn auction that saw several bids from buyout firms. The deal will make Roark Capital one of the largest restaurant operators in the world. It controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wings. Subway said in February it was exploring a possible sale, drawing interest from private equity firms including Roark, Advent International, TDR Capital and TPG as well as Goldman Sachs' asset management arm. The restaurant chain had then hoped to fetch more than $10 billion, owing to its strong brand and international business.

Persons: Roark, Jimmy John's, Neil Saunders, GlobalData, Goldman Sachs, Anirban Sen, Deborah Sophia, Arun Koyyur Organizations: Roark Capital, TDR, Sycamore Partners, Brands, Baskin, Robbins, Buffalo Wild Wings, Subway, Advent, TDR Capital, TPG, Thomson Locations: U.S, North America, New York, Bengaluru

Reuters reported on Tuesday on a so-called earn-out agreement that was key to Roark clinching a deal for Subway. Roark prevailed over a rival bidding group led by buyout firms TDR Capital and Sycamore Partners, whose final offer was for $8.75 billion including an earn-out, and $8.25 billion without, the sources said. Roark took the view that the restaurant market is too fragmented for the deal to raise competition concerns, the sources added. Roark and Subway, which announced the deal on Thursday, declined to comment on the terms. Roark currently controls Inspire Brands, the owner of restaurant chains including Jimmy John's, Arby's, Baskin-Robbins and Buffalo Wild Wings.

Persons: Roark, DeLuca, Buck, John's, Jimmy John’s, Jimmy John's, Neil Saunders, Peter Buck, Fred DeLuca, JPMorgan Chase, Sullivan, Cromwell, Weiss, Garrison, Roark Capital, Morgan Stanley, Anirban Sen, Abigail Summerville, Deborah Sophia, Greg Roumeliotis, Marguerita Choy Organizations: Roark, Reuters, Subway, TDR Capital, Sycamore Partners, Inspire Brands, Baskin, Robbins, Buffalo Wild Wings, JPMorgan, Cromwell LLP, Thomson Locations: Connecticut, U.S, Bridgeport , Connecticut, The Milford , Connecticut, Rifkind, Wharton, New York, Bengaluru

☆ Subway is being sold to a massive private-equity firm, finally moving the sandwich chain away from family ownership after nearly 60 years
▼ + stars: | 2023-08-24 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Roark's brands include Arby's, Dunkin', Buffalo Wild Wings, and rival sub store Jimmy John's. Subway is in the midst of a huge rebrand after suffering from a sales slump. Through Inspire Brands, it also owns another sub chain — Jimmy John's — which has more than 2,600 stores. AdvertisementAdvertisementSince the first Subway store opened in 1965, the company has been owned by its two founders, Fred DeLuca and Peter Buck, and their families. The sandwich chain announced last month that it had achieved 10 consecutive quarters of positive sales, including recording its highest weekly average unit volume in North America in the second quarter of 2023.

Persons: Dunkin, Jimmy John's, John Chidsey, Fred DeLuca, Peter Buck, It's Organizations: Roark, Arby's, Buffalo Wild Wings, Service, Roark Capital, Subway, Inspire Brands Locations: Wall, Silicon, North America

These conditions, known as an earn-out, defer payment on part of the deal consideration, the sources familiar with the matter said. The arrangement helped bridge a gap in the valuation expectations between Roark Capital and the DeLuca and Buck families that own Subway, according to the sources. The deal will make Roark Capital one of the largest restaurant operators in the world. Subway said in February it was exploring a possible sale, drawing interest from private equity firms including Roark, Advent International, TDR Capital and TPG as well as Goldman Sachs' asset management arm. Roark and Subway have 12 months to close the deal, which has a 4% breakup fee, sources said.

Persons: Roark, DeLuca, Buck, Jimmy John's, Neil Saunders, GlobalData, Goldman Sachs, Anirban Sen, Abigail Summerville, Deborah Sophia, Arun Koyyur Organizations: Roark Capital, TDR, Sycamore Partners, Brands, Baskin, Robbins, Buffalo Wild Wings, Subway, Advent, TDR Capital, TPG, Thomson Locations: U.S, North America, New York, Bengaluru

☆ Subway sandwich chain sells itself to Dunkin' owner Roark Capital
▼ + stars: | 2023-08-24 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

In this photo illustration, a Subway meal is seen on a table at a Subway restaurant on January 12, 2023 in Austin, Texas. Roark Capital is buying Subway, ending the sandwich chain's more than five decades of family ownership and marking a new era for the struggling company. Subway dwarfs all of them by number of restaurants, and brings in more annual sales than all but Dunkin'. Through holding company Inspire Brands, Roark owns Dunkin', Baskin-Robbins, Sonic, Arby's, Buffalo Wild Wings and Jimmy John's. Roark plans to keep Subway as a separate entity within its portfolio, Subway CEO John Chidsey told the Journal.

Persons: Roark, Dunkin, Robbins, Jimmy John's, Anne's, Carvel, Neil Saunders, John Chidsey, Chidsey, Fred DeLuca, Peter Buck, Jared Fogle, DeLuca, Buck Organizations: Roark Capital, Subway, TDR, Sycamore Partners, Wall Street, Inspire Brands, Baskin, Buffalo Wild Wings, Focus Brands, Journal ., Business Locations: Austin , Texas, Cinnabon, Connecticut, U.S

A Subway sandwich shop logo is pictured in the Manhattan borough of New York February 14, 2014. These conditions, known as an earn-out, defer payment on part of the deal consideration, the sources said. The Wall Street Journal reported on Monday that Roark Capital was nearing a deal to buy Subway for about $9.6 billion. A spokesperson for Subway declined to comment, while representatives for Roark and TDR did not immediately respond to requests for comment. Roark controls Inspire Brands, owner of the Jimmy John's, Arby’s, Baskin-Robbins, Buffalo Wild Wings, Dunkin’, Rusty Taco and SONIC Drive-In chains.

Persons: Carlo Allegri, Roark, DeLuca, Buck, John's, TDR, Sycamore, Goldman Sachs, Fred DeLuca, Peter Buck, Jimmy John's, Dunkin ’, Rusty Taco, Jimmy John’s, Abigail Summerville, Anirban Sen, Greg Roumeliotis Organizations: REUTERS, TDR, Sycamore Partners, Goldman Sachs, Subway, Street, Roark Capital, Goldman, Inspire Brands, Baskin, Robbins, Buffalo Wild Wings, Thomson Locations: Manhattan, New York, TDR Capital, Bridgeport , Connecticut, The Milford , Connecticut, U.S, Champaign , Illinois

[1/2] The Subway restaurant logo is seen on a napkin in this illustration photo August 30, 2017. Subway expects to fetch well over $9 billion in a deal, and it remains uncertain whether TDR and Sycamore can meet its price expectations, the sources said. Private equity firm Advent International, which had teamed up with Goldman Sachs Asset Management on a bid for Subway, has dropped out of the process, the sources said. Goldman Sachs (GS.N) may decide to team up with one of the other bidders, the sources added. Subway, Roark and TDR did not immediately respond to requests for comment.

Persons: Thomas White, Goldman Sachs, Roark, Jimmy John's, Jimmy John’s, TDR, Fred DeLuca, Peter Buck, Anirban Sen, Abigail Summerville, Nick Zieminski Organizations: REUTERS, TDR Capital, Sycamore Partners, Roark Capital, International, Goldman Sachs, Management, Subway, Bloomberg News, JPMorgan Chase &, Reuters, Thomson Locations: Sycamore, Champaign , Illinois, Milford , Connecticut, Bridgeport , Connecticut, The Milford , Connecticut, U.S, New York

☆ ChatGPT is powered by these contractors making $15 an hour
▼ + stars: | 2023-05-08 | by ( David Ingram | ) www.cnbc.com time to read: +7 min

Out of the limelight, Savreux and other contractors have spent countless hours in the past few years teaching OpenAI's systems to give better responses in ChatGPT. So far, AI contract work hasn't inspired a similar movement in the U.S. among the Americans quietly building AI systems word-by-word. watch nowJob postings for AI contractors refer to both the allure of working in a cutting-edge industry as well as the sometimes-grinding nature of the work. There's no definitive tally of how many contractors work for AI companies, but it's an increasingly common form of work around the world. A spokesperson for OpenAI said no one was available to answer questions about its use of AI contractors.

This is weighing on how much the private equity firms are offering to buy companies. So far, bids for Subway have ranged between $8.5 billion and $10 billion, one of the sources said. This is a more expensive route that private equity firms may not opt for, three of the sources added. To be sure, Subway is allowing bidders to use any financing route they want, as long as they can show they can secure committed financing. TPG and Bain were part of a group that owned Burger King when John Chidsey, who is now Subway's CEO, headed that burger fast-food restaurant chain.

☆ Ditching noncompete clauses would be a win for workers' rights and employees in low-wage jobs
▼ + stars: | 2023-01-06 | by ( Marguerite Ward | ) www.businessinsider.com time to read: +5 min

Noncompetes prevent some workers in low-wage jobs from leaving for better opportunities. If the FTC succeeds in banning noncompete clauses, it can be an important win for low-wage workers and a pivotal moment in the push for workplace equity, advocates for the change say. Annabelle Chih/Getty ImagesCritics point out that many workers subject to noncompete language aren't high-profile executives who've amassed trade secrets — they're average workers. In 2015, The Verge reported on Amazon's use of noncompete agreements for warehouse workers. "Noncompete agreements help artificially stifle competition in the labor market, allowing employers to keep wages low by limiting workers' employment options," Constant wrote.

☆ The FTC wants to ban companies from telling their employees they can't work for competitors — and says it'll help workers make $300 billion more a year
▼ + stars: | 2023-01-05 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

The FTC wants to ban noncompete agreements, which stop workers from moving to competitors or starting their own similar businesses. Under the FTC's proposed rule, employers wouldn't be able to impose a noncompete, and past ones would be rescinded. FTC Chair Lina Khan said that noncompetes undermine competition and competitive conditions. Under a new proposed rule, the FTC would ban employers from saddling workers with noncompete agreements that prohibit them from working at competitors, or starting similar businesses. In some cases, workers can't start their own businesses similar to the ones they're working in.

☆ Meet a 37-year-old with $108,100 in student debt who lives in a school bus because rent is unaffordable: 'Student-loan debt is by far my biggest regret'
▼ + stars: | 2022-12-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +6 min

Nick Crocker, 37, is living in a school bus he built out with his fiancée in Portland, Oregon. Crocker said his student debt is his "biggest regret" and wishes he had gone to trade school. With the majority of Crocker's debt being private loans, Biden's relief won't make a significant dent for him and about 3 million other borrowers with private loans. He says he wishes he'd known the high, life-long costs of higher education when he was in high school. "So we're living in a 120-square-foot school bus, and while it's been a great way for us to save the money, it's cramped.

☆ Restaurants open on Christmas Day 2022: McDonald's, IHOP, Denny's, and more
▼ + stars: | 2022-12-23 | by ( Nancy Luna | ) www.businessinsider.com time to read: +8 min

Benihana: Open Christmas Day and Christmas Eve. Bar Louie: Open Christmas Day and Christmas Eve. May be open Christmas Day, depending on location or franchiseGolden Corral: Some locations will be open Christmas Eve and Christmas Day. Closed Christmas Day, but open Christmas EveTaco Bell: Restaurants are open on Christmas Eve. Friendly's: Open on Christmas Eve until 6 p.m.In-N-Out: Open from 10:30 a.m. to 11 p.m. on Christmas Eve.

☆ This DoorDash hack used by local food-delivery couriers is saving restaurants big on delivery fees. Here's how it works.
▼ + stars: | 2022-09-02 | by ( Nancy Luna | ) www.businessinsider.com time to read: +8 min

That fee can be passed on to customers to save restaurants money. "The DoorDash self-delivery is a hack," Simmons, whose organization represents 550 local delivery operators in the US, said. And by deploying the self-delivery tactic with apps like Grubhub and DoorDash, restaurants can save even more money, Blum said. Colonel Delivery restaurants partners that use self-delivery can't pass on delivery fees to DashPass customers. But the "hack" is worth looking into if it can save restaurants from paying higher third-party delivery fees, he added.

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