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☆ 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

☆ Here are 5 ways fast-food restaurants in California are cutting costs to cover the new minimum wage
▼ + stars: | 2024-04-03 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Read previewFast-food franchisees in California are desperately looking for ways to cut costs as the state's $20 minimum wage for workers at limited-service restaurants kicks in. Mendelsohn, the El Pollo Loco franchisee, told NPR that her preemptive price increases had already deterred some customers. William Blair analyst Sharon Zackfia expects some restaurants in California to turn to digital kiosks as labor costs rise. Spending less on operationsBeyond labor, restaurants are looking for other ways to save on their operating costs. Alex Johnson, the Auntie Anne's Pretzels and Cinnabon franchisee, told the AP that he wasn't looking at opening any more locations in California.

Persons: —, Michaela Mendelsohn, Alexi Rosenfeld, Alex Johnson, Anne's Pretzels, he'd, Marcus Walberg, Mendelsohn, Brian Hom, Walberg, Sharon Zackfia, William Blair, Grace Dean, Kris Stuebner, Scott Rodrick Organizations: Service, Business, El, Loco, NBC Los Angeles, Associated Press, El Pollo Loco, NPR, Wall Street Journal, CNN, KFC, Management Corporation, ABC, Fox News, AP Locations: California, Los Angeles County, Los Angeles, San Jose

☆ A California McDonald's franchisee says fast food would be 'unaffordable' if she raised prices enough to cover the new $20 minimum wage
▼ + stars: | 2024-03-21 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

"You can't raise prices enough," the Los Angeles franchisee told KTLA 5 News. From April, California's minimum wage for fast-food workers will be 25% higher than the general one. AdvertisementA McDonald's franchisee in Los Angeles says that if she wanted to raise her prices to fully offset California's incoming $20 minimum wage for fast-food workers, her burgers and fries would be unaffordable. AdvertisementThe minimum wage for fast-food workers in California is going up to $20 an hour starting April 1 — 25% more than the state's general minimum wage. Correction: March 21, 2024 — An earlier version of this story incorrectly described two places in Los Angeles County.

Persons: —, Kerri Harper, Howie, Harper, who'll Organizations: Los Angeles, KTLA, Service, Food, Harper Locations: Los Angeles, California, Inglewood , California, Los Angeles County, Inglewood, Compton

☆ People in California will soon be paying more for Chipotle, McDonald's, and other fast-food
▼ + stars: | 2024-02-06 | by ( Ana Altchek | ) www.businessinsider.com time to read: +4 min

To compensate for the extra cost of labor, restaurants like McDonald's, Chipotle, and Jack In the Box plan to raise menu prices at their California stores. AdvertisementIn an October earnings call, McDonald's CEO Chris Kempczinski said that menu prices would increase in California, but didn't say which items or by how much. Kempczinski said in the call that the company would be using the wage increase as an opportunity to gain on its competitors. This will be the fifth time the company has raised menu prices in the last two years. Pizza Hut cut its in-house delivery program, eliminating 1,200 delivery workers to prepare for the pay increase.

Persons: —, Jack, Chris Kempczinski, Kempczinski, McDonald's, Chipotle, Jeff Hanscom, Hanscom Organizations: Service, National Owners Association, Street Journal, Wall, International Franchise Association Locations: California, Chipotle

☆ I'm a California restaurant operator preparing for the $20-an-hour fast-food wage by trimming hours, eliminating employee vacation, and raising menu prices
▼ + stars: | 2024-01-16 | by ( Nancy Luna | ) www.businessinsider.com time to read: +7 min

The main reason: California fast-food workers are getting a big bump in pay to $20 an hour under a new state law that goes into effect in April. That new wage is nearly 30% more than most employers pay fast-food workers. 1 thing every California fast-food food owner was talking about. Raising wages for managers and shift leaders so they won't fleeThe minimum wage in California is $16 an hour. "This program should have been phased in over time instead of jumping the California minimum wage for our staff by 25% in one single day," he said.

Persons: —, Marcus Walberg, Walberg, He's, Seth Lederman, Frannexus, Lederman, he'd, he's, We'll Organizations: Service, Business, Florida Locations: Los Angeles, California, Chili's, McDonald's

☆ McDonald's and Wendy's are giving out free fries for National French Fry Day: How to claim yours
▼ + stars: | 2023-07-12 | by ( Nicolas Vega | ) www.cnbc.com time to read: +1 min

The burger chain is giving customers a complimentary order of fries on Thursday, July 13 in honor of National French Fry Day. To get the world famous spuds, customers will need to make a free account on the McDonald's smartphone app. You can download the McDonald's app here. But McDonald's isn't the only fast food joint offering free fries this week. Fatburger, meanwhile, is offering free fries with any in-store purchase or online order made using the code "FrenchFryDay22" from July 13 to July 19.

Persons: McDonald's, Fry, Fatburger, Warren Buffett Organizations: National

☆ Allen, Texas shooting:New details emerge about Texas outlet mall shooter Mauricio Garcia as investigators continue to probe for motive
▼ + stars: | 2023-05-08 | by ( Josh Campbell Ed Lavandera Elizabeth Wolfe Sara Smart | Josh Campbell | Ed Lavandera | ) edition.cnn.com time to read: +8 min

Christian LaCour was working as a security guard in the mall when he was killed, his family said. Brianna SmithIn addition to an AR-15 style firearm and another weapon found with Garcia, police also discovered several more weapons in his car, the law enforcement source told CNN. Neighbors of an address matching that of Garcia’s parents told CNN that police and the FBI arrived at the home about an hour after the attack and had the street blocked off for several hours. As part of his work, Garcia received Level II and Level III security training. He found a surviving child whose mother had been struck and killed as she shielded him from bullets, Spainhouer told CNN affiliate KTVT.

Inside the sprawling complex in suburban Allen, employees, shoppers and families with young children bolted to take cover in storage areas or back hallways, witnesses told CNN. The gunman was killed by an Allen Police Department officer who was at the mall on an unrelated call, police said. One witness, Kingsley Ezeh, told CNN he was walking inside the mall when people behind him suddenly began running. Emergency vehicles line the entrance to the Allen Premium Outlets where a shooting took place on May 6, 2023 in Allen, Texas. The shooting was deeply disturbing, said Fatburger employee Tiffany Gipson, who told CNN she and other customers hid in a hallway behind their mall restaurant.

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