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☆ The list of fast-food places pulling onions over E. coli concerns just keeps growing
▼ + stars: | 2024-10-25 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Fast-food chains are pulling onions from their restaurants due to E. coli risks. The outbreak linked to McDonald's involves 49 E. coli cases and one death in 10 states. AdvertisementA string of American fast-food chains and restaurants are pulling fresh onions from some of their locations because of E. Coli food poisoning risks. On Thursday, Burger King said that it gets some of its onions from Taylor Farms, a supplier to the McDonald's restaurants that have been linked to the E. Coli outbreak. In 2022, Wendy's restaurants were linked to an E. coli outbreak in six states.

Persons: Taco, —, Yum, Burger King, Burger, McDonald's Organizations: Taco Bell, KFC, Johnny Rockets, McDonald's, Service, Yum Brands, Bloomberg, Brands, Disease Control, Public, FDA Locations: Taylor, Colorado , Kansas , Utah, Wyoming

☆ Fat Brands confidentially files to IPO Twin Peaks, Smokey Bones brands days after federal indictment
▼ + stars: | 2024-05-14 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Fat Brands announced its intention to spin off Twin Peaks through an IPO last year. Since its founding in 2005, Twin Peaks has grown to nearly 115 restaurant locations in the U.S. and Mexico. Smokey Bones is a newer addition to Fat Brands' portfolio, which currently includes 18 chains. Fat Brands acquired it in September 2023, with the goal of converting more than half of its 61 corporate-owned restaurants into Twin Peaks locations. Wiederhorn has a 45% stake in Fat Brands through Fog Cutter Holdings, according to FactSet.

Persons: Brands, Smokey, Andy Wiederhorn, Smokey Bones, Darden, Wiederhorn Organizations: Fat Brands, Securities and Exchange, Brands, SEC, Hooters, Olive Garden, Fog Cutter Locations: Wiederhorn, Los Angeles, U.S, Mexico, Olive, Twin

☆ Fat Brands and chair Andy Wiederhorn indicted in $47 million 'sham' loan scheme
▼ + stars: | 2024-05-10 | by ( Amelia Lucas | ) www.cnbc.com time to read: +4 min

Federal authorities on Friday charged Fat Brands and its chair Andy Wiederhorn of committing a brazen scheme that netted him $47 million in bogus loans from the restaurant company that owns Fatburger, Johnny Rockets and Twin Peaks. Fat Brands, Wiederhorn and a few other people were criminally indicted by a federal grand jury in Los Angeles for wire fraud, tax evasion and other counts related to the alleged scheme. "These charges are unprecedented, unwarranted, unsubstantiated and unjust," Fat Brands counsel Brian Hennigan said in a statement. As chief executive of Fat Brands, Wiederhorn, 58, allegedly directed the company to loan its own funds to him, with no intention of ever paying the "sham" loans back, according to the indictment. He also did not report any of the so-called loans from Fat Brands as income, according to the indictment.

Persons: Andy Wiederhorn, Johnny, Brian Hennigan, Wiederhorn, overreach —, Nicola Hanna, Wiederhorn's, Thayer, Ron Roe, Rebecca Hershinger, William Amon Organizations: Brands, Johnny Rockets, U.S . Securities, Exchange Commission, Fat Brands, SEC, Fog, Wiederhorn Locations: Los Angeles, Oregon, U.S

☆ 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

☆ Mediterranean restaurant chain Cava stock soars as much as 107% in market debut
▼ + stars: | 2023-06-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +3 min

A banner for the Mediterranean restaurant chain Cava is displayed outside of the New York Stock Exchange (NYSE) as the company goes public on June 15, 2023 in New York City. The stock trades on the New York Stock Exchange under the ticker symbol "CAVA." The company sold 14.4 million shares, raising nearly $318 million and initially valuing the restaurant chain at roughly $2.45 billion. Shares of Mediterranean restaurant chain Cava soared as much as 107% in its market debut Thursday morning before giving up some of those gains. Sector leader Chipotle made its public market debut back in 2006 and has seen its market value grow to $56.9 billion.

Persons: Zoes, It's, Brett Schulman, Chipotle Organizations: New York Stock Exchange, Group, Brands Locations: Cava, New York City, Chao

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