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☆ Mediterranean restaurant chain Cava is going public. More restaurants could follow its lead
▼ + stars: | 2023-06-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

As Cava prepares to make its public market debut Thursday, other restaurant companies will be watching closely while they decide whether to follow in the Mediterranean restaurant chain's footsteps. The last 18 months have marked the slowest initial public offering market since the financial crisis. Cava's IPO could help break that drought, as a handful of restaurants watch to see how the chain fares as they mull whether to jump into the public market themselves. "A successful IPO from Cava should open the door to more restaurant IPOs," said Matt Kennedy, senior strategist at Renaissance Capital. That bodes well for the restaurant companies waiting in the wings to go public.

Persons: Cava, Matt Kennedy, Kennedy, Kevin McCarthy, Neuberger Berman Organizations: U.S, Renaissance, Cava, New York Stock Exchange, CNBC, Group, Brands Locations: Ukraine, U.S, Cava, Chão

☆ A New Jersey restaurant had to pay $300,000 to staff after the Labor Department ruled they had been underpaid
▼ + stars: | 2023-06-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

A New Jersey restaurant failed to give some staff the minimum wage and overtime pay, the DOL said. The restaurant paid more than $300,000 to 63 members of staff following the DOL's investigation. The DOL's Wage and Hour Division said in a press release that Aquarius Restaurant Group, which runs Aquarius Seafood Restaurant in Fort Lee, had violated minimum wage and overtime pay laws. Aquarius Seafood Restaurant also used checks and cash to pay kitchen staff twice a month, the spokesperson said. They added that the minimum wage violations occurred "sporadically" throughout the period of investigation, which was from April 2019 to April 2022.

Persons: DOL, —, Paula Ruffin Organizations: Service, Department of Labor Locations: Jersey, Fort Lee, New Jersey

☆ For Diners With Deep Pockets, Dallas Is the New Dubai
▼ + stars: | 2023-05-22 | by ( Priya Krishna | ) www.nytimes.com time to read: +1 min

At this open-air shopping center in suburban Dallas, they valet-park their Porsches, sport Yves Saint Laurent handbags, flit in and out of Audemars Piguet and pause for brunch at Sadelle’s, the fancy new deli from Major Food Group in New York. Even the sugar for coffee comes to the table in tiny Le Creuset Dutch ovens. Dallas has long had a reputation for living large, an image built on oil money and the wide swaths of ranch land displayed on its namesake TV series. These companies are giving Dallas the kind of attention they’ve previously lavished on tourist playgrounds like Las Vegas and Miami. Major Food Group opened a Dallas branch of its maximalist-Italian restaurant Carbone last year, and says it has even larger ambitions in the city.

☆ Ukrainian firms venture abroad for growth as war hits home
▼ + stars: | 2023-05-19 | by ( Olena Harmash | ) www.reuters.com time to read: +6 min

The ongoing conflict has prompted several Ukrainian firms to focus abroad to reduce their reliance on a shrinking home market and to tap into the millions of people who have left. Ukraine, which had a pre-war population of about 40 million, has seen its domestic economy turned upside down, with corporate investments and growth now rare. "Our choice was to go to Poland, mainly because Poland hosts now the highest number of Ukrainians who fled from the war." In September, 8.5% of all companies opened in Poland had Ukrainian capital, compared with 0.8% in January 2022. "The main goal is to grow abroad much faster than we planned for ourselves in the pre-war period," Vovk said.

☆ As earnings season winds down, investors turn to Tuesday's debt ceiling meeting
▼ + stars: | 2023-05-06 | by ( Zev Fima | ) www.cnbc.com time to read: +12 min

With only a small fraction of the S & P 500 left to report quarterly earnings, investors are now turning their focus to another major hurdle for the markets and economy: the debt ceiling crisis. Earlier this week, we looked back to debt limit crisis of 2011 for potential lessons. The protracted fight ultimately ended in an agreement in early August of that year, but it was a choppy summertime ride for investors. Within the portfolio, Wynn Resorts will report Tuesday, after the closing bell, and Disney will report on Wednesday, after the closing bell. Estee Lauder (EL) and Emerson Electric (EMR) reported earnings before the opening bell.

☆ Olive Garden parent Darden Restaurants bets on fine dining with $715 million Ruth's Chris deal
▼ + stars: | 2023-05-04 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Olive Garden owner Darden Restaurants is betting on fine dining with its $715 million acquisition of Ruth's Chris Steak House . The average check at Ruth's Chris is $97, according to Darden's investor presentation. For comparison, the average check at Olive Garden, which accounts for roughly half of Darden's revenue, was $21 in fiscal 2022. Still, Darden executives emphasized that the Ruth's Chris acquisition is a long-term bet, and the decision wasn't made based on the current economic cycle. Cardenas also said third-party data shows that there is little overlap between Ruth's Chris customers and those who frequent The Capital Grill and Eddie V's.

☆ 10-year-old children were found working at a Louisville McDonald’s until 2 a.m.
▼ + stars: | 2023-05-03 | by ( Michelle Watson | ) edition.cnn.com time to read: +1 min

New York CNN —Two 10-year-old children were found working at a Louisville McDonald’s restaurant — sometimes until 2 a.m. — the US Department of Labor said Tuesday. The revelation was part of an investigation into the child labor law violations in the Southeast. “Investigators from the department’s Wage and Hour Division found two 10-year-old workers at a Louisville McDonald’s restaurant among many violations of federal labor laws committed by three Kentucky McDonald’s franchise operators,” the release said. “Investigators also determined two 10-year-old children were employed – but not paid – and sometimes worked as late as 2 a.m.”The three franchisees face a combined $212,754 in civil money penalties for the child labor violations, the release said. “Under no circumstances should there ever be a 10-year-old child working in a fast-food kitchen around hot grills, ovens and deep fryers.”

☆ McDonald's franchisees fined after 305 minors, including 10-year-olds, found working illegally
▼ + stars: | 2023-05-03 | by ( Noah Sheidlower | ) www.cnbc.com time to read: +4 min

More than 300 minors — including two 10-year-olds who were unpaid — were found to be working in violation of federal labor laws at McDonald's franchise restaurants across Kentucky and other states, the U.S. Labor Department said this week. The news comes as Republican lawmakers have targeted child labor laws nationwide. Labor Department investigators discovered two 10-year-olds working unpaid as late as 2 a.m. at a McDonald's location in Louisville, Kentucky, operated by Louisville-based Bauer Food LLC, according to a Tuesday release. Last year, the Labor Department division found that 688 minors were employed illegally in hazardous positions in fiscal year 2022, the highest annual count since fiscal year 2011. Child labor laws exist to ensure that when young people work, the job does not jeopardize their health, well-being or education," said Garnett-Civils.

☆ Read the pitch deck a social-gaming startup used to raise $7 million to disrupt fantasy sports by catering to Gen Z audiences who want shorter, faster play
▼ + stars: | 2023-04-28 | by ( Ashley Rodriguez | Nhari Djan | ) www.businessinsider.com time to read: +4 min

Champions Round is a social media platform for fantasy sports. Read the 13-page pitch deck Champions Round used to to fundraise. Champions Round also plans to introduce tools that would allow creators or brands to build their own games and earn a cut of the revenue generated from them. The company shared with Insider the exact deck used to pitch potential investors during its latest round. Here are 13 key slides from the pitch deck Champions Round used to raise its Series A round:

☆ Meet Maye Musk, the Sports Illustrated cover model and the glamorous mother of one of the richest men in the world
▼ + stars: | 2023-02-04 | by ( Grace Kay | ) www.businessinsider.com time to read: +13 min

Despite her support for her children, Maye Musk has been a celebrity in her own right for decades. Maye Musk Maye Musk attended the Met gala with Elon Musk last year. "They followed their passions, and they all went in different directions," Maye Musk told Insider in a 2020 interview. Elon Musk, in particular, had tried his hardest in school, but only in the subjects he liked, Maye Musk said. Even at 14 years old, Maye Musk said Elon Musk had shown a passion for investing.

☆ How Milan’s Seafood King Made Langosteria a Must for Foodies and Fashionistas Alike
▼ + stars: | 2023-01-22 | by ( Jay Cheshes | Photography Danilo Scarpati For Wsj. Magazine | ) www.wsj.com time to read: +1 min

Langosteria CEO Enrico Buonocore at one of the restaurant group’s four Milan outposts. And the waitstaff navigate the 150-seat dining room and an equally expansive terrace in parka-topped uniforms custom-made by Moncler . “It’s Langosteria, but Langosteria in the mountains,” says founder Enrico Buonocore, 46, of the Swiss outpost of his fashion-world haunt, a destination for seafood since 2007. “Our restaurants are not copy and paste, all are unique projects. The layout is the same, the gastronomic line is the same, but the restaurant is different.”

☆ Burger King franchise owner ordered to pay $2.2 million to 230 workers for unpaid overtime, report says
▼ + stars: | 2023-01-13 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

A Burger King franchise owner was ordered to $2.2 million to workers, per the San Francisco Chronicle. Workers from six Burger King stores say they worked overtime without pay and were denied breaks. An investigation was opened into Golden Gate's Burger King franchises in 2019 and a decision reached the following year that was appealed. A group of workers at a Burger King restaurant in Nebraska resigned in July 2021 over working conditions. Calvert and Burger King did not immediately respond to requests for comment from Insider.

☆ Court Pauses Implementation of California Fast-Food Wage Law
▼ + stars: | 2022-12-31 | by ( Heather Haddon | ) www.wsj.com time to read: 1 min

Fast-food workers went on strike in November to demand that restaurant groups drop their referendum seeking to overturn a California labor law that would raise hourly wages. A state judge Friday put on hold a California law that could raise minimum wages for fast-food workers until a hearing can determine whether it should take effect next month. Save Local Restaurants, a group of franchisee and restaurant business associations, filed suit Thursday against the state’s Department of Industrial Relations challenging its intention to implement the law Jan. 1.

☆ Restaurant Group Sues to Block California Fast-Food Wage Law
▼ + stars: | 2022-12-30 | by ( Jacob Bunge | Ben Fritz | ) www.wsj.com time to read: 1 min

Efforts to block the law have drawn support from restaurant companies including McDonald’s. A restaurant industry group sued a group of California state officials Thursday, alleging that they plan to illegally begin implementing a new law that would set minimum hourly wages for fast-food workers. The group, including franchisee and restaurant business associations called Save Local Restaurants, said it filed the lawsuit in California Superior Court after the state’s Department of Industrial Relations informed them that the law would go into effect Jan. 1.

☆ Elon Musk's brother Kimbal says there's a 'lack of appreciation' for Twitter's 'awesome' mute button
▼ + stars: | 2022-12-25 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

Elon Musk's brother said there's a "lack of appreciation" for Twitter's "awesome" mute button. Kimbal Musk spoke about his love of the feature in a Twitter Space on Friday with Lex Fridman. They discussed ways of improving Twitter and Kimbal Musk said the mute button was "underused." During the Twitter Space, Kimbal Musk also said he loved the "entertaining side of Twitter," and wished there was more of it. Kimbal Musk concluded: "Man, how do we get more of that?"

☆ UK's FTSE boosted higher by healthcare sector
▼ + stars: | 2022-12-07 | by ( Johann M Cherian | ) www.reuters.com time to read: +2 min

SummarySummary Companies FTSE 100 rose 0.1%, FTSE 250 falls 0.2%GSK escapes U.S. lawsuit on Zantac allegationsMoonpig drops to bottom of FTMCDec 7 (Reuters) - UK's export-oriented FTSE 100 climbed on Wednesday as the healthcare sector was boosted by shares of GSK after the drugmaker escaped U.S. lawsuits over its heartburn drug Zantac. The blue-chip FTSE 100 (.FTSE) edged 0.1% higher by 0930 GMT. The pharmaceutical sector (.FTNMX201030) rose 3.3% in its biggest one-day percentage gain since late February. A nearly 10% jump in shares of GSK Plc (GSK.L) boosted the index after the drugmaker was spared thousands of U.S. lawsuits claiming that Zantac caused cancer. The real estate sector (.FTUB3510) fell 0.2% and is down 34% year-to-date and is heading towards its biggest fall since 2008.

☆ The Fed may wreck one of the greatest booms in history of Main Street America
▼ + stars: | 2022-12-06 | by ( Tim Mullaney | ) www.cnbc.com time to read: +5 min

As interest rates rise, inflation lingers and home equity that many business founders use to get started shrinks, small business formations are doing something unexpected – they're rising. If the data persists, the resilience in small business formation points to a "new plateau" of activity that may add millions of jobs to the economy, Haltiwanger says. But the risks include the Fed itself choking off financial conditions so much that the small business boom is smothered. Danny Sweis opened his in the summer of 2022. If that lasts, that means 4 million per year, offset by 2.5 million lost as other small businesses close.

☆ Restaurant Groups Push to Overturn California Fast-Food Wage Law
▼ + stars: | 2022-12-05 | by ( Heather Haddon | ) www.wsj.com time to read: 1 min

Restaurant and trade groups said they have submitted enough voter signatures for a ballot measure to try to halt the implementation of a new California law that would set minimum hourly wages for fast-food workers in the state starting next year. A coalition of restaurant owners and business groups called Save Local Restaurants said Monday it had filed more than 1 million petition signatures to put the law on hold and place an initiative before California voters on the 2024 ballot. They had until Dec. 5 to submit roughly 623,000 valid voter signatures to place a question on the 2024 ballot asking whether the law should take effect. If voters side against the law, it could be struck down.

☆ Cramer's lightning round: I still see another bad quarter ahead for Ford Motor
▼ + stars: | 2022-11-22 | by ( Krystal Hur | ) www.cnbc.com time to read: 1 min

Loading chart...Ford Motor Co : "I still see another bad quarter ahead because they don't have the right inventory, and then maybe things can get better." However, it's not doing well financially, so therefore I'm not going to give it my blessing." Loading chart...First Watch Restaurant Group Inc : "We have to do work on First Watch. We don't know it." Disclaimer: Cramer's Charitable Trust owns shares of Ford.

☆ This startup wants to democratize electric-vehicle ownership by bringing charging stations to fast-food restaurants — starting with a Taco Bell in California
▼ + stars: | 2022-10-18 | by ( Nancy Luna | ) www.businessinsider.com time to read: +3 min

The San Diego startup is installing public charging stations at fast-food chains such as Taco Bell. It says the fast chargers at a California Taco Bell can provide a 100-mile charge in 20 minutes. Roughly 120 California Taco Bell restaurants owned by Diversified are set to add EV stations in the coming months. Tosh Dutt, the CEO of ChargeNet, said he's carving a niche for his 2-year-old startup by placing stations at fast-food restaurants. Of the 47,666 public EV stations in the US, only about 6,500 are fast chargers, according to the Department of Energy.

☆ Burger King, Popeyes, and Jack in the Box cut ties with ghost kitchen Reef as the SoftBank-backed startup continues to face operational issues
▼ + stars: | 2022-10-10 | by ( Nancy Luna | ) www.businessinsider.com time to read: +5 min

Jack in the Box, Burger King, and Popeyes have ended their expansion plans with Reef. Burger King, Popeyes, Jack in the Box, and Del Taco have ended their partnerships with Reef Technology, a ghost-kitchen startup. Health inspectors in Austin, Texas, suspended four Reef food trailers after a recent inspection last month. In mid-September, Philadelphia inspectors cited a Reef kitchen trailer for having the wrong retail-operating license, food-safety inspection records show. Are you a Reef insider with insight to share?

☆ Wendy's offers man with Down syndrome his job back after sister alleges his manager fired him for not being able to 'perform the duties of a normal persons job'
▼ + stars: | 2022-10-10 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +3 min

A Wendy's in NC fired a man with Down syndrome who had worked there for over 20 years. According to his sister, a manager said the man was fired because he was unable to perform duties of a "normal" person's job. In an update to her original post, Turner wrote that Peek was offered his job back starting next week. "My heart is overwhelmed by the support that you all have given my brother and myself!," Turner wrote. In a third update to her post, Turner said Peek would not be returning to Wendy's.

☆ Colonel Sanders' former home and restaurant are on the market, and it's causing a legal headache for KFC's owner
▼ + stars: | 2022-09-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Friends of the late Colonel Sanders are selling his former home and a restaurant he set up. The restaurant, the Claudia Sanders Dinner House, is named after his wife and sells fried chicken. But some of the potential buyers, which include restaurant groups and serial entrepreneurs, want to franchise the Claudia Sanders restaurant and open new sites elsewhere, Klunk told The Post. The Claudia Sanders Dinner House describes itself as a "local landmark" serving "the finest in country cooking." Memorabilia included with the lot include Colonel Sanders' watch and bible, the first KFC flag and bucket, and a letter President Richard Nixon sent to Sanders in 1972.

☆ How Bryan Lourd became one of the most powerful people in the history of Hollywood
▼ + stars: | 2022-09-25 | by ( Alex Sherman | ) www.cnbc.com time to read: +18 min

Lourd, 61, isn't a household name, but he wields a stunning amount of influence in Hollywood. Lourd's Hollywood clients aren't just A-listers, they're A+-listers: Brad Pitt. An old-fashioned talent agent who loves discussing old movies and doesn't mind pointing out the flaws in his own clients' work, Lourd has become arguably the most powerful person in Hollywood. "He's one of the most powerful people in the history of Hollywood," said Netflix co-CEO Ted Sarandos. But Lourd's clients are such bankable stars that it's equally important for Hollywood executives to be friendly with him as it is beneficial for Lourd and CAA.

☆ A Hawaii restaurant group illegally shared $59,000 tips accumulated by 70 servers among managers, DOL says
▼ + stars: | 2022-07-07 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

A Hawaii restaurant group illegally shared $58,855 of servers' tips among managers, the DOL said. The 70 servers' tips were used to top up managers' salaries after the company cut them, per the DOL. The restaurant paid $117,710 in taken tips plus damages to the servers following the investigation. The DOL said DK Restaurant Group, which operates seafood, sushi, and steak restaurants in Hawaii, reduced managers' salaries by "at least" 25% when it reopened its locations after COVID-19 lockdown — then topped up managers' salaries using tips accumulated by 70 servers. Previous investigations by the DOL have found that other restaurants have committed similar FLSA violations by withholding servers' tips, including making them participate in illegal tip pools.

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