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☆ Caroline Ellison is a math whiz, trader, and shadow figure behind FTX's collapse. She's being sentenced for her role in the fraud case.
▼ + stars: | 2024-09-24 | by ( Lakshmi Varanasi | Grace Dean | Huileng Tan | ) www.businessinsider.com time to read: +1 min

Caroline Ellison was the CEO of Alameda Research, a trading firm launched by Sam Bankman-Fried. She oversaw bets Alameda took with customer funds. She will be sentenced for her role in the fraud case on Tuesday. In August 2022, Ellison became the head of Alameda Research, Bankman-Fried's trading firm that was closely intertwined with his fallen crypto exchange, FTX. By November, as FTX swiftly spiraled into bankruptcy, Ellison began to draw attention for her role in overseeing the risky bets Alameda took with customers' funds.

Persons: Caroline Ellison, Sam Bankman, —, Ellison, FTX Organizations: Alameda Research, Alameda, Service, Business

☆ China is Starbucks' 2nd biggest market, but sales are slumping. Here's why.
▼ + stars: | 2024-08-23 | by ( Grace Dean | ) www.businessinsider.com time to read: +7 min

Comparable store sales, a key measure for the restaurant industry, were down 14% in its most recent quarter. Sales slumpStarbucks' comparable store sales in China have been incredibly volatile over the past five years. But in recent months, they've been hit by cautious consumer spending and increased competition, then-CEO Laxman Narasimhan told investors in July. Luckin Coffee, Starbucks' biggest rival in China, has nearly three times as many stores as Starbucks in the country after monumental unit growth. "We're not interested in entering the price war," Starbucks China CEO Belinda Wong told investors in January.

Persons: —, Brian Niccol, they've, Laxman Narasimhan, Narasimhan, Sherri, Kearney, Luckin, McCafe, KFC's, Dave Xie, Oliver Wyman, Xie, latte, We're, Belinda Wong, Wong, it's, Brian Yarbrough, Edward Jones, Liu Ying Organizations: Service, Starbucks, Business, Bank of America, Bloomberg, Publishing, Getty, Reuters Locations: China, Beijing, Shanghai, Seattle, Luckin, Cotti, Xinhua

☆ Disney told a man he couldn't take it to court over his wife's death at one of its parks because he once had a Disney+ trial. Now it's backing down.
▼ + stars: | 2024-08-20 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Kanokporn Tangsuan, a 42-year-old doctor in New York, died in October 2023 from anaphylaxis after eating at a restaurant at Disney Springs at Walt Disney World in Orlando, according to the lawsuit. Walt Disney World's Disney Springs is home to a number of shops, restaurants, and attractions. This includes "any related disputes involving The Walt Disney Company, its subsidiaries, or its affiliates," the terms say. Piccolo agreed to the terms again when he logged into his Disney account to book tickets for Walt Disney World's Epcot park, Disney said. "Whether Piccolo actually reviewed the Disney Terms is also immaterial," the company's lawyers wrote.

Persons: —, Disney, Kanokporn, Walt Disney, Jeffrey Greenberg, Jeffrey Piccolo, Piccolo, Walt, Kanokporn Tangsuan, Josh D'Amaro, we've Organizations: Service, Disney, Disney Springs, Walt Disney, Business, Getty, Irish Pubs, Walt Disney Company, CNN Locations: Florida, New York, Orlando, Raglan, Irish Pubs Florida, Kanokporn

☆ 6 ways Starbucks' incoming chief Brian Niccol transformed Chipotle
▼ + stars: | 2024-08-14 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

Niccol has a "great track record" and is an "outstanding" hire for Starbucks, Edward Jones restaurant analyst Brian Yarbrough told Business Insider. Alongside Curt Garner, the chain's chief information officer who joined in 2015, Niccol helped spearhead Chipotle's digital turnaround. In Niccol's first full year at Chipotle, in 2019, digital sales were up 90%. AdvertisementMost locations already had two make lines when Niccol joined Chipotle, but the strategy was unclear, BI previously reported. "Whether you're a light, medium, or heavy user, when you're in the rewards program, you come more frequently and you spend more," Niccol told investors in February.

Persons: —, Taco Bell, Brian Niccol, Laxman Narasimhan, Niccol, Edward Jones, Brian Yarbrough, William Blair, Sharon Zackfia, Howard Schultz, He's, perf, Chipotle, Chipotle's, Gregory Rec, Jack Hartung, Curt Garner, they'd, Jefferies, Andy Barish Organizations: Service, Taco, Starbucks, Business, Portland Press, Getty, Niccol's, BI Locations: Chipotle, Ohio, China

☆ Starbucks' turnaround relies on an executive who is no stranger to orchestrating comebacks
▼ + stars: | 2024-08-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, it's out with the old and in with the new CEO at Starbucks. Starbucks announced CEO Laxman Narasimhan was stepping down after less than two years on the job . Chipotle CEO Brian Niccol was tapped to lead Starbucks' turnaround efforts. In the release announcing the news , Howard Schultz, Starbucks' chairman emeritus and three-time CEO, made no mention of Narasimhan in his statement. At Starbucks, Niccol won't need to navigate a brand crisis like he did with Chipotle in the wake of its E. coli outbreak.

Persons: —, he's Benjamin Button'd, Chelsea Jia Feng, Laxman Narasimhan, Brian Niccol, it's, Grace Dean, Howard Schultz, Narasimhan, Ryan Miller, Rebecca Zisser, Alex Bitter, It's, we've, Katie Notopoulos, Tyler Le, Joe Quinlan, Berkshire Hathaway, Goldman Sachs, Greg Tuorto, Josh Edelson, Justin Sullivan, Timo Lenzen, Mercedes, unmotivated, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock Organizations: Service, Starbucks, Business, Elliott Management, Orange County Museum of Art, Taco Bell, Merrill, Bank of America Private Bank, Getty, BI, Benz, Mercedes, Dolce, Gabbana, Walmart, Walgreens, Cisco Systems, UBS Locations: Chelsea, Narasimhan, Mexican, Berkshire, AFP, Dubai, Miami, New York, London

☆ What went disastrously wrong in Laxman Narasimhan's 17 months as CEO of Starbucks
▼ + stars: | 2024-08-13 | by ( Grace Dean | ) www.businessinsider.com time to read: +5 min

Read previewLaxman Narasimhan is stepping down as CEO of Starbucks, just 17 months after he assumed the role in March 2023, the coffee giant announced on Tuesday. Chipotle CEO Brian Niccol will take over in September, with current CFO Rachel Ruggeri serving as interim CEO until then. Narasimhan's time at the head of the company had been tainted by falling sales, union clashes, and activist investors. Its former CEO keeps attacking the companyHoward Schultz, who led Starbucks for over 23 years, is not afraid to share his views on company management. In Starbucks' press release addressing the leadership change, Schultz didn't acknowledge Narasimhan's time at the company.

Persons: —, Laxman, Chipotle, Brian Niccol, Rachel Ruggeri, Laxman Narasimhan, William Blair, Sharon Zackfia, Narasimhan, Chris O'Cull, Elliott, Paul Singer, Elliott Management, Howard Schultz, Stephen Brashear, Getty Howard Schultz, Schultz, Schultz didn't Organizations: Service, Starbucks, Business, Narasimhan's, Elliott Management, CNBC, Getty, Street, The Workers United, Financial Times, Pride Locations: China, Palestine

☆ I'm a Brit who went to Trader Joe's for the 1st time and I wish we had grocery stores like it in the UK
▼ + stars: | 2024-08-12 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

I went to Trader Joe's for the first time on a trip to Chicago. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. On a recent business trip to Chicago, I was able to set foot in the retailer for the first time — and boy was I glad I did.

Persons: Joe's, I'd, — Organizations: Service Locations: Chicago

☆ A food influencer in Chicago breaks down why the Windy City should be on every restaurant lover's bucket list
▼ + stars: | 2024-08-03 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

Chicago was ranked third in Food & Wine's 2024 ranking of the best cities for food and drink in the US. It's such a food city." For Italian beef, you can go to Al's or Mr Beef, Noblecilla said. "There's a really great range in the kind of food that you see at the Michelin restaurants," Noblecilla said. AdvertisementAlfresco dining"Alfresco dining is such a huge thing here in Chicago," Noblecilla said.

Persons: —, Erica Noblecilla, Noblecilla, I've, that's, Beef, Kathleen Hinkel, Lou Malnati's, There's, It's, Alinea, Smyth —, Kasama, Grace Dean, Carniceria Maribel, Majsterek, de, suíça, Pitu Cachaça Organizations: Service, Chicago, Food, Business, Chili, The Washington, Getty, Michelin Locations: Chicago, Windy City, Chinatown, Little India, Little Italy, Ukrainian, Polish, South Florida, New York, Philadelphia, Cincinnati, Chicagoland, Swedish, Brazilian

☆ I ordered build-your-own bowls from Cava and Sweetgreen. Both tasted delicious, but the winner didn't charge for as many add-ons.
▼ + stars: | 2024-08-02 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

I visited rival salad chains Cava and Sweetgreen to get build-your-own bowls. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . As of 21 April, 2024, Cava had 323 restaurants, while Sweetgreen had more than 225 as of May. It's been a tough few years for salad chains, which have traditionally relied on city-center office workers for their peak lunchtime trade. This story is available exclusively to Business Insider subscribers.

Persons: Sweetgreen, —, It's Organizations: Service, Business Locations: Cava

☆ McDonald's new big burger is called the Big Arch. Branding experts say the name makes it sound superior to its rivals.
▼ + stars: | 2024-08-02 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

The new burger, the Big Arch, is currently being piloted in Canada and Portugal. By using a brand name rather than a descriptor — like calling it the Big Burger — companies can "signal superiority," Kerrigan said. "And so you elevate what is a big burger to a branded shiny thing." AdvertisementThe arches imagery is now returning to menus again, with the launch of the Big Arch and its accompanying Big Arch Sauce. "You show that you are in someone's club or part of their tribe by using the same kind of brand names," she said.

Persons: —, McDonald's, Finola Kerrigan, — you've, Kerrigan, David Hughes, didn't, Hughes, Birdie, Ronald McDonald Organizations: Service, Business, Birmingham Business School, Mac, Triple, Mayo, Burger, Imperial College London Locations: Canada, Portugal, California, Texas

☆ McDonald's says fast food sales are suffering most in California
▼ + stars: | 2024-08-01 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

McDonald's says fast food sales are suffering most in California. McDonald's raised menu prices in CA to offset the state's $20 minimum wage for fast-food workers. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMcDonald's CEO says fast food sales are suffering in California as menu prices increased to offset the state's $20 minimum wage for fast-food workers. "You're seeing in California, the business there is falling off to a greater degree than what you're seeing in other markets around the US," CEO Chris Kempczinski told CNBC's Squawk Box.

Persons: McDonald's, Kempczinski, —, Chris Kempczinski, CNBC's, We've Organizations: Service, Business Locations: California, CA

☆ Starbucks says its boba-inspired drinks have sold so well that it had to pull back on marketing because it was running out
▼ + stars: | 2024-07-31 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Read previewStarbucks' boba-inspired "popping pearls" drinks have been selling so well that the coffee chain had to cut back on marketing after supplies ran low. The new lineup features three drinks — the Summer-Berry Lemonade Starbucks Refreshers Beverage, the Summer Skies Drink Starbucks Refreshers Beverage, and the Summer-Berry Starbucks Refreshers Beverage — but customers can also add the raspberry-flavored popping pearls to other beverages. They also contributed to overall sales of Starbucks' Refreshers drinks reaching an all-time high during the quarter. Dedicated boba stores offer a huge variety of flavors and toppings, like fruit, grass or coconut jelly, red beans, brown sugar, and pudding. AdvertisementThe success of Starbucks' boba comes as the chain continues betting on cold drinks, which made up 76% of its beverage sales in the quarter.

Persons: —, Berry, Laxman Narasimhan, Massachusetts barista Organizations: Service, Starbucks, Beverage, Business Locations: Cape Cod , Massachusetts, Massachusetts

☆ McDonald's has started selling an even bigger burger — the 14-ounce Big Arch
▼ + stars: | 2024-07-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

The burger contains two beef patties, three slices of white processed cheese, crispy onions, raw onions, pickles, lettuce, and a new Big Arch sauce in a sesame seed bun, per a description of the burger on the McDonald's Portugal website. Advertisement"It's a quintessential McDonald's burger with a twist on our iconic familiar flavors," he said. The burger weighs 395 grams (about 14 ounces) and contains 1,065 calories, per McDonald's Portugal. "We thought the opportunity was about premium burger which was wrong," CFO Ian Borden said earlier this year. Another part of the plan included McDonald's launch of its "Best Burger" strategy last year, changing its burgers' ingredients and how they're cooked.

Persons: —, It's, Chris Kempczinski, Kempczinski, McDonald's, it's, Borden, Ian Borden Organizations: Service, Business Locations: Canada, Portugal, Ontario, Alberta, Lisbon

☆ A former PepsiCo exec sued the company for saying that he didn't invent Flamin' Hot Cheetos while working as a janitor
▼ + stars: | 2024-07-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +6 min

Read previewA former executive at PepsiCo has sued the company, claiming he should get credit for being the brains behind Flamin' Hot Cheetos. He published a memoir in 2021, and his life story was made into the film "Flamin' Hot" in 2023. Enrico liked the idea so much that he ordered PepsiCo to start making spicy Cheetos, the lawsuit says. AdvertisementPepsiCo launched nationwide sales of Flamin' Hot Cheetos in 1992. AdvertisementIn a later statement, a spokesperson for PepsiCo told Variety that it attributed the launch and success of Flamin' Hot Cheetos "and other products" to several people, including Montañez.

Persons: —, Flamin, Richard Montañez, Montañez, Lay, Richard, Roger Enrico, Enrico, Montañez's, didn't, PepsiCo's Organizations: Service, PepsiCo, Business, Angeles Times, Frito, Walmart, Target, Harvard University, Los Angeles Times, Lay, Times, Midwest, The Times, Variety Locations: Rancho Cucamonga , California, Texas, Mexican

☆ Burger King temporarily closed a restaurant in New York after a woman said her 4-year-old's meal was smeared with blood
▼ + stars: | 2024-07-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

A woman said that her four-year-old's meal from a Burger King in New York was smeared with blood. At first, her daughter had thought it was ketchup on the burger, she said in a viral TikTok. Burger King said it temporarily closed the restaurant in New York for deep cleaning and staff retraining. AdvertisementBurger King temporarily closed a restaurant in New York for deep cleaning after a TikTok video seemingly showing a meal smeared with blood went viral. The video shows blood splattered on the burger wrapper, while photos included in the Post's article show blood on the burger itself.

Persons: Burger King, —, Burger, Tiffany Floyd, Floyd Organizations: Burger, Service, The New York, Business Locations: New York, Burger, Getzville, Buffalo

☆ McDonald's just admitted that it's too expensive, and it's driving some customers away
▼ + stars: | 2024-07-29 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

McDonald's says that high prices have contributed to its falling sales. He said customers are looking for more deals and either buying fewer items per order or cheaper items. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementMcDonald's just admitted that its food is too expensive, contributing to falling sales at the fast-food giant. This story is available exclusively to Business Insider subscribers.

Persons: McDonald's, —, Chris Kempczinski Organizations: Global, Service, Business

☆ Here's what it's like to eat at Cava, the salad chain plotting rapid expansion across the US
▼ + stars: | 2024-07-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

Cava is plotting an ambitious expansion across the US. I visited the Mediterranean salad chain's first Chicago restaurant and had to wait for an hour to order. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementCava, the Mediterranean build-your-own-bowl chain, is plotting an ambitious expansion across the US. It opened 72 net new restaurants in fiscal 2023 and expects to open at least 50 in 2024.

Persons: — Organizations: Service, Business Locations: Chicago, Cava

☆ A man sued a restaurant after a bone in his 'boneless' wings got lodged in his throat. He lost.
▼ + stars: | 2024-07-26 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Boneless wings keep confusing dinersBreast meat is cheaper because chickens only have two wings. In 2023, a man sued Buffalo Wild Wings , claiming that the name of its boneless wings was misleading. Before it added boneless wings to its menu this year, Popeyes had considered alternative names, like "bites." 'Boneless wing is merely a description of the cooking style'Berkheimer said that he had cut the boneless wing into three pieces to eat, per court documents. AdvertisementBerkheimer also appealed to Ohio's Supreme Court, which supported the Court of Appeals' ruling in an opinion on Thursday.

Persons: —, Michael Berkheimer, Berkheimer, Popeyes, didn't Organizations: Service, Wings, Business, Twelfth, Appeals, Buffalo Wild Wings, Factory Locations: Ohio, Brookwood, Hamilton , Ohio, Butler, New York City

☆ Bernard Arnault's wealth is slumping as the luxury boom falters
▼ + stars: | 2024-07-26 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

Bernard Arnault's wealth fell by about 20% between late March and late July, per Bloomberg data. There's been a drop in demand for luxury goods, and LVMH posted disappointing earnings this week. Arnault is still the world's third-richest person, with an estimated net worth of $185 billion. AdvertisementLVMH CEO Bernard Arnault's wealth is slumping amid a drop in demand for luxury goods. Still, Arnault remains the world's third-richest person, and the wealthiest outside the US.

Persons: Bernard Arnault's, There's, LVMH, Arnault, —, He's, Elon Musk, Jeff Bezos Organizations: Bloomberg, Service, Elon, Business

☆ A grocery chain says it's facing a rise in 'fraudulent coupons' as social media users brag of huge discounts on their shopping
▼ + stars: | 2024-07-25 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

Some shoppers at UK grocery-store chain Sainsbury's say they've got huge discounts using its app. They appear to have repeatedly scanned a coupon at its self-service checkouts, taking large discounts off their shop. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA UK grocery chain says it has been dealing with an increase in "fraudulent coupons" after social media users bragged of getting huge discounts on their shopping by repeatedly scanning the same coupon.

Persons: they've, Sainsbury's, — Organizations: Service, Business

☆ Coca-Cola says fewer people are eating dinner out, and it's hurting sales of its drinks
▼ + stars: | 2024-07-24 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

Some diners are eating out less often — and it's hitting Coca-Cola's sales in North America. There's been "some softness in away-from-home channels," CEO James Quincey told investors. Coca-Cola has been working with restaurants to market combo meals and boost sales, he said. CEO James Quincey told investors on Tuesday that there had been "some softness in away-from-home channels" in North America. To reel in customers, Coca-Cola has been working with restaurants to market food and drink combo meals, Quincey said.

Persons: There's, James Quincey, —, Quincey Organizations: Service, Bloomberg, McDonald's, Business Locations: North America

☆ The US Olympic committee is suing Logan Paul and KSI's drink brand Prime for using Olympic branding without permission
▼ + stars: | 2024-07-22 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Read previewThe US Olympic and Paralympics Committee is suing Prime, the drinks brand of YouTubers Logan Paul and KSI, accusing the company of using its trademarks without permission. This story is available exclusively to Business Insider subscribers. "The exclusivity of this agreement … is threatened when individuals and organizations use USOPC trademarks without authorization." At the time of writing, Business Insider could not find the posts in question on Prime's social media channels. The US Olympic Committee and Prime did not immediately respond to requests for comment from Business Insider, sent outside regular US working hours.

Persons: —, YouTubers Logan Paul, KSI, Kevin Durant, Instagram, Durant, Paul, KEVIN DURANT Organizations: Service, Business, US Olympic Team, Coca, Walmart, Kroger, IOC, —, Energy, US Olympic Committee Locations: Colorado

☆ I'm a Brit who went to the Cheesecake Factory for the 1st time. The portion sizes blew me away, but I couldn't decide if the decor was opulent or tacky.
▼ + stars: | 2024-07-20 | by ( Grace Dean | ) www.businessinsider.com time to read: 1 min

The restaurant was busy, full of tables of both friends and families. Two separate tables sang "happy birthday" while I was there. Overall my meal was tasty and the excessive portion sizes blew me away — but I was left wondering if the decor was opulent or just tacky. Sadly it just wasn't my cup of tea. The Cheesecake Factory's decor wasn't to my taste.

Persons: Grace Dean Organizations: Business

☆ Retailers and fast-food giants close stores and only take cash payments in wake of global IT outage
▼ + stars: | 2024-07-19 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

Some retailers and fast-food chains are limiting their operations following a global IT outage. McDonald's Japan said that some of its stores had temporarily closed. AdvertisementA massive IT outage has affected grocery stores, retailers, and fast-food giants around the world. Australian grocery-store chain Woolworths told Business Insider that some stores had "been impacted as a result of the global IT issue." This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Bloomberg, Woolworths, Business Locations: Japan

☆ Commuters in NYC and DC should get ready for a difficult, disrupted journey due to the global IT outage
▼ + stars: | 2024-07-19 | by ( Grace Dean | ) www.businessinsider.com time to read: +1 min

Arrival information is unavailable for many Subway routes in NYC and DC because of a global IT outage. Transport authorities say trains and buses are running as scheduled, though. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementCommuters in NYC and DC should prepare for some disruptions on Friday morning over the global IT outage. Though transport authorities in both NYC and DC say that trains and buses are running as scheduled, arrival information is unavailable for many routes, including both at stations and on the authorities' websites and apps.

Persons: — Organizations: Rail, Service, DC, York City's Metropolitan Transportation Authority, Franklin, Shuttle, Business Locations: NYC, York City's, Rockaway

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