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☆ Cava IPO comes in a little too hot
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: +2 min

The company’s IPO raised $318 million, about $30 million more than it had expected a few days earlier, to fuel its expansion. And just in time for the afternoon lunch rush, its shares opened on the New York Stock Exchange at nearly double its IPO price. That implies Cava’s valuation is close to $5 billion, over twice the amount private investors ascribed it in 2021. Cava is a lot like Sweetgreen – neither are profitable, and both have a similar number of stores. But Cava now trades at more than five times its theoretical annualized sales based on the first quarter, much higher than the 1.4 times Sweetgreen commands.

Persons: Cava, copycats, Anita Ramaswamy, John Foley, Katrina Hamlin Organizations: YORK, Reuters, New York Stock Exchange, Twitter, Corporate, Thomson Locations: Crunchbase, Cava

June 15 (Reuters) - Mediterranean restaurant chain Cava Group (CAVA.N) notched a valuation of $4.7 billion in a stellar market debut on Thursday, signaling the IPO market was gaining momentum after a lull in 2022. Shares opened at $42 apiece on the NYSE, nearly double the IPO price of $22, last up 89%. Cava sold about 14.4 million shares in the offering, raising $318 million. “We think the markets are always welcoming long-term sustainable growth stories, especially category defining brands, as we try and define the Mediterranean category,” Cava Co-founder and CEO Brett Schulman said. Cava was founded by three friends with Greek roots — Ted Xenohristos, Ike Grigoropoulos and Dimitri Moshovitis — and opened its first restaurant Cava Mezze in Rockville in 2006.

Persons: Cava, Matthew Kennedy, Johnson, Brett Schulman, Ted Xenohristos, Ike Grigoropoulos, Dimitri Moshovitis —, Morgan, Jefferies, Manya Saini, Savyata Mishra, Echo Wang, Vinay Dwivedi Organizations: NYSE, Renaissance Capital, Reuters, Rivian, ”, Restaurant Brands, Cava, Citigroup, Thomson Locations: Cava, CAVA, United States, ” Cava, Rockville, Bengaluru, Echo, New York

☆ 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

☆ Cava prices IPO at $22 per share, above stated range
▼ + stars: | 2023-06-14 | by ( Sara Salinas | In Saracsalinas | ) www.cnbc.com time to read: +1 min

Mediterranean fast-casual restaurant chain Cava priced its initial public offering at $22 per share, above a previously stated range, the company said Wednesday. Cava said it sold 14.4 million shares, which at a price of $22 per share, raises nearly $318 million. At $22 per share, the company is valued at roughly $2.45 billion, based on an outstanding share count of more than 111 million shares. Last year, Cava reported net sales of $564.1 million, up 12.8% from the year prior. However, its reported net loss was $59 million, wider than a net loss of $37.1 million in 2021.

Persons: Cava, — CNBC's Amelia Lucas Locations: Cava, Pasadena , California

For Love & Money is a biweekly column from Insider answering your relationship and money questions. This week, a reader writes they lost their job a month ago and are too embarrassed to tell their husband. Write to For Love & Money using this Google form. You didn't want to tell your husband and risk him seeing you as the failure that you fear you are. So I'm going to give you the same advice my therapist gave me: tolerate the anxiety, and tell the truth.

Persons: —, I'm, I've, haven't, Tell, you've Organizations: Service

☆ Not Your Dad’s Dad Food
▼ + stars: | 2023-06-13 | by ( J. J. Goode | ) www.nytimes.com time to read: +1 min

Every year, as Father’s Day approaches and the gift guides suggesting $300 supercharged charcoal grill lighters and backyard pizza ovens roll in, I’m left wondering if I’m truly dad enough in the kitchen. Yet, dads, avert your eyes: I do not own a Big Green Egg. Blame it on my TikTok algorithm, but so many of the dads I see seem to be reveling in this profligate age of Dad Food, making homemade burger buns and subjecting spice-rubbed animal carcasses to long periods of indirect heat. I had the sense that dads were cooking more than they once did, and this was true — to a point. We have come a long way from the dawn of dad food, when man discovered fire and the “Big Boy Barbecue Book” suggested in 1956 that their occasionally grilling steaks indicated a revolutionary shifting of gender roles: “Wives take it easy.

Persons: I’m, Dad Food, ”

At this point, Audra McDonald is part of Tony Awards history. McDonald previously won four featured actress Tonys in the play and musical categories for her roles in “Carousel” (1994), “Master Class” (1996), “Ragtime” (1998) and “A Raisin in the Sun” (2004). She is the only person to win in all four acting categories. Despite the cascade of awards, she told The New York Times in an interview last month that the recognition remained special. “It’s an honor,” she said while on a lunch break from working on yet another project.

Persons: Audra McDonald, Tony, who’s, —, Suzanne Alexander, Adrienne Kennedy’s, McDonald, Chita Rivera, Julie Harris, Tonys, ”, Bess, Porgy, Bess ”, Billie Holiday Organizations: Sun, New York Times

☆ What Apple's entry into virtual reality means for the future of Meta Platforms and the metaverse
▼ + stars: | 2023-06-11 | by ( Samantha Subin | ) www.cnbc.com time to read: +5 min

Meta Platforms ' vision to sell a future where people work, play and mingle in a virtual world may finally be getting its long-overdue validation thanks to an unlikely partner. Apple on Monday unveiled its highly anticipated mixed reality product, known as Vision Pro , at its annual Worldwide Developers Conference . So confident in the bright future of the metaverse, Facebook rebranded itself as Meta Platforms in 2021 to better reflect its vision beyond social media. More than a year and a half later Apple's metaverse entry may finally offer the much-needed support to Meta's overambitious vision, and lure once skeptical investors back to the virtual world. With the company — and metaverse vision — so dependent on consumer adoption, this creates a difficult near-term setup, Meeks said.

Persons: It's, Mark Zuckerberg, Gucci, Meta's, Gene Munster, Wall, Paul Meeks, JPMorgan's Samik Chatterjee, Advisors Capital Management's JoAnne Feeney, Meeks, Davidson's Tom Forte, scoffed, Apple's, Feeney, Bernstein's Toni Sacconaghi Organizations: Apple, Developers, Facebook, Walmart, Grill, Independent Solutions Wealth Management, Advisors Capital, Munster, Quest

☆ Nishiyama Onsen Keiunkan: What it’s like to stay at the world’s oldest hotel
▼ + stars: | 2023-06-09 | by ( Mayumi Maruyama | ) edition.cnn.com time to read: +8 min

Minobu, Japan CNN —Tucked deep in the mountains of Japan’s Yamanashi prefecture, the Nishiyama Onsen Keiunkan has tatami floors, kimono-sporting staff and signs in handwritten calligraphy. But its popularity received a huge boost in 2011 when the Guinness Book of World Records designated Nishiyama Onsen Keiunkan as the oldest hotel in the world. The front entrance of Nishiyama Onsen Keiunkan. Courtesy Nishiyama Onsen KeiunkanLearning to let goStandard rooms at Nishiyama Onsen Keiunkan have three sections: two sitting areas and one living space. To solve this, he took over the original shares of the business and created the Nishiyama Onsen Keiunkan Limited company.

Persons: Japan CNN —, that’s, Fujiwara, Naruhito, ”, Michiyo Hattori, Mayumi Maruyama, they’re, Kenjiro Kawano, CNN Kawano, Kawano, “, Kawano couldn’t, ” Kawano Organizations: Japan CNN, World Records, Mount, ”, Staff, CNN, Keiunkan Limited Locations: Minobu, Japan, Yamanashi, Tokyo, Shizuoka, Mount Fuji, It’s

☆ Activist sues Rep. Lauren Boebert for defamation, alleging she slandered him on Fox News when he revealed her alleged drug use, abortions, and escort work
▼ + stars: | 2023-06-09 | by ( Jennifer Cunningham | ) www.businessinsider.com time to read: +3 min

Now he's suing her for defamation, alleging she defamed and disparaged him on Fox News. Boebert did not follow through with her threat to sue Wheeler or American Muckrakers, the lawsuit says. — Lauren Boebert (@laurenboebert) June 15, 2022Wheeler alleged Boebert's legal threats and interviews with media outlets damaged both his and American Muckracker's reputation and violated his First Amendment rights. He said he'd received death threats and that donations to American Muckrackers tanked following Boebert's media appearances. "Partisan organizations putting out blatantly false and disgusting accusations won't stop me from advancing freedom and conservative values," Boebert told Fox News in June 2022.

Persons: David Wheeler, Lauren Boebert's, he's, Boebert, —, Lauren Boebert, Sean Hannity, Defendant Boebert, Defendant, Wheeler, — Lauren Boebert, he'd Organizations: Fox News, Service, Colorado Republican, Twitter Locations: Colorado, Boebert's

☆ Ex-JPMorgan executive Staley to be questioned under oath about Epstein ties
▼ + stars: | 2023-06-09 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +3 min

It has in turn sued Staley, arguing he concealed what he knew about Epstein's trafficking and should cover any damages the bank may face in the cases. Staley left JPMorgan in 2013, a few months after the bank fired Epstein, and served as Barclays' (BARC.L) chief executive from 2015 to 2021. Zachary Margulis-Ohnuma, a lawyer who has represented sex trafficking victims and defendants, said he expected the plaintiffs to "grill" Staley on his knowledge of Epstein's sex trafficking and whether it affected the handling of Epstein's accounts. Staley also said JPMorgan had "unclean hands" given its own mistakes in dealing with Epstein. Epstein killed himself at age 66 in a Manhattan jail cell in August 2019 while awaiting trial on sex trafficking charges.

Persons: Jes Staley, Jeffrey Epstein, Epstein, Jed Rakoff, Staley, Jamie Dimon, Zachary Margulis, Jeff Epstein, Luc Cohen, Nupur Anand, Noeleen Walder, Daniel Wallis Organizations: YORK, JPMorgan Chase, U.S ., JPMorgan, Deutsche Bank, Barclays, Thomson Locations: U.S, U.S . Virgin Islands, Manhattan, Florida, Virgin, New York

☆ ‘Never Seen Pizza Boxes at a Wake Before’: Mourning a N.Y. Pizza Legend
▼ + stars: | 2023-06-07 | by ( Christopher Maag | ) www.nytimes.com time to read: +1 min

In the far corner stood Ravenna Wilson, owner of The Native Bread and Pastry in East Williamsburg. Beside her was Justin DeLeon of Apollonia’s Pizzeria on Wilshire Boulevard in Los Angeles, who flew in for Mr. Bellucci’s wake. At the center of the room stood Drew Nieporent, whose list of New York restaurants includes Nobu and Tribeca Grill. Into this assemblage walked Paul Giannone, founder of Paulie Gee’s, a pizza parlor in Greenpoint with locations from Baltimore to Chicago. Scanning the room, his eyes locked on a pair of pizza boxes featuring oversized pictures of the deceased.

Persons: Andrew Bellucci’s, Bellucci, Ravenna Wilson, Justin DeLeon, Bellucci’s, Drew Nieporent, Paul Giannone, Paulie Gee’s Organizations: Mr, Tribeca Locations: Astoria, New York City, Ravenna, East Williamsburg, Wilshire, Los Angeles, New York, Greenpoint, Baltimore, Chicago

☆ Taste testing the space food of the future
▼ + stars: | 2023-06-03 | by ( Ashley Strickland | ) edition.cnn.com time to read: +7 min

The competition led the Astra Gastronomy team at Nonfiction, a design and innovation firm based in San Francisco, to develop the Space Culinary Lab. Bringing that level of agency to astronauts is where designers like us start.”The Space Culinary Lab made it through the first phase of the Deep Space Food Challenge in October 2021. This rendering shows what the Space Culinary Lab might look like inside a spacecraft. Time for a taste testThe futuristic space food prepared using the culinary lab was available for a taste test at Nonfiction during CNN’s visit in March, including space coffee and algae mixed with different flavors. The fruit powders masked the algae flavor and made it taste more like a slightly sweet treat without added sugars.

Persons: San Francisco CNN —, ”, Phnam Bagley, “, Bagley, munch, sizzle, bok, Mona Lisa ”, CNN’s, Mark Alexander, Mardis Bagley, Nadia Kutyreva, Fifile Nguyen, ” Bagley Organizations: San Francisco CNN, NASA, Canadian Space Agency, Astra Locations: San Francisco, Mars

☆ Imagining a New Filipino American Neighborhood Into Being, Starting With Food
▼ + stars: | 2023-06-02 | by ( Tejal Rao | ) www.nytimes.com time to read: +2 min

In the past decade, both Andrew Zimmern and Anthony Bourdain called Filipino food the next big thing for the United States. Locally, the restaurant critic Jonathan Gold wrote that 2017 was a pivotal moment for Filipino dining in Los Angeles. He started his pop-up business Regi’s Turo Turo at the end of last year, setting up outside coffee shops to grill skewers and sell bundles of vegan pastil, made from mushrooms, wrapped in banana leaves. Follow New York Times Cooking on Instagram, Facebook, YouTube, TikTok and Pinterest. Get regular updates from New York Times Cooking, with recipe suggestions, cooking tips and shopping advice.

Persons: Andrew Zimmern, Anthony Bourdain, Jonathan Gold, Turo, —, Esquejo, Delgado Organizations: Pew Research, California State University, New York Times, Facebook, YouTube Locations: United States, Los Angeles, Long Beach, Chinatown, Millennials, Manila

☆ 5 Dishes Everyone Should Know How to Grill
▼ + stars: | 2023-06-02 | by ( Steven Raichlen | ) www.nytimes.com time to read: +1 min

Grilling may be the world’s oldest, most universal cooking method, but that doesn’t guarantee automatic success. Just ask the person who routinely burns the burgers or whose fish always sticks to the grate. There are five methods of live fire cooking: direct grilling, indirect, smoking, spit-roasting and on the embers, but direct grilling is the most universal. This means cooking tender, small or thin foods, like steaks or chops, directly over a hot fire. Don’t confuse it with barbecue, which uses low, slow heat away from the food to smoke things like Texas brisket and Carolina pork shoulder.

Locations: Texas, Carolina

1 steak consumer per capita despite the painful impact of 109% inflation on food prices, a Rosario grains exchange report showed on Friday. That, however, seems to be partly reversing, even in the face of one of the world's highest inflation rates which has badly hurt spending power. Reuters GraphicsThe exchange said the relative cost of beef versus pork and chicken had dropped since 2021, though it remained elevated versus a historical average. The proportion of beef in meat consumption climbed this year to 46% from 44% two years ago. The recent bump in the data underscores the importance of beef in Argentine culture, even as the highest inflation rate since 1991 has pushed some 40% of the population into poverty.

Persons: Gross, Anna, Catherine Brigida, Richard Chang Organizations: Reuters, Thomson Locations: BUENOS AIRES, Rosario

☆ Secrets of a superyacht and private jet chef
▼ + stars: | 2023-06-01 | by ( Francesca Street | ) edition.cnn.com time to read: +19 min

She loves cooking, traveling and adventure, so she’s working her dream job. So captains or crew would recommend me, clients would recommend me to their friends.” Grace Dvornik, private chef“I was hired as a chef right away on a 64-foot sailing yacht,” says Dvornik. “In my personal experience, I haven’t had many celebrities.”As well as accommodating a range of clients, Dvornik has also acclimatized to a revolving door of colleagues-slash-roommates. While yacht crew are usually confined below deck, Dvornik says there are opportunities to enjoy the perks of living on a superyacht. But working in private aviation, Dvornik gets to spend a bit more time exploring.

Persons: Grace Dvornik, Dvornik didn’t, Dvornik, Dvornik’s, “, ”, “ It’s, Dvornik “, she’d, ” Grace Dvornik, ” Dvornik, She’s, she’s, “ I’ve, she’ll, there’s, ’, haven’t, I’m, deckhands, –, It’s, ” Dvornik’s, they’ve, ” “ I’ve, Grace Dvornik Dvornik, it’s, ” She’ll, ” She’s, “ I’m Organizations: CNN, Ashburton Chefs Academy, George Brown College Chef School, J, Bravo, ” Yacht Locations: Caribbean, Bahamas, superyachts, Clearwater , Florida, Toronto, Canada, Wyoming, “, ”, Italy

☆ Elizabeth Holmes Reports to Federal Prison
▼ + stars: | 2023-05-30 | by ( The Associated Press | ) www.nytimes.com time to read: 1 min

NOW PLAYINGElizabeth Holmes Reports to Federal Prison0:57Biden Confident After Debt Limit Talks: ‘America Will Not Default’1:35Senators Grill Ex-C.E.O. of Silicon Valley Bank1:17OpenAI C.E.O. Calls for Government Regulation of Artificial Intelligence1:00Federal Reserve Raises Interest Rates by Another Quarter Point0:59‘Taxpayers Are Not on the Hook’ for First Republic Collapse, Biden Says1:15Fox News Settles Defamation Lawsuit With Dominion0:25Fed Vice Chair Calls SVB a ‘Textbook Case of Bank Mismanagement’1:21Yellen Calls for Review of Financial Regulations After Bank Collapses1:09Fed Raises Interest Rates a Quarter of a Point0:55Yellen Reaffirms Support for Small Financial Institutions1:12

Persons: Elizabeth Holmes, Biden Organizations: Federal, Grill, Artificial, Taxpayers, Fox News, Dominion, Bank, Small Financial Locations: Silicon Valley

☆ When couples say they broke up over money, it's not the real reason, therapist says. Here's what is
▼ + stars: | 2023-05-25 | by ( Annie Nova | ) www.cnbc.com time to read: +5 min

Guralnik is the star of the Showtime documentary series "Couples Therapy," in which she analyzes real patients in a room with hidden cameras. While financial issues can spark intense conflict for couples, Guralnik doesn't believe money, or the lack of it, is the real reason they split up. "If you're refusing to look at your bank account when you're pulling out your credit card, you can accrue debt," Guralnik said. People are "shielding themselves from knowing reality" when they refuse to pay attention to their finances, Guralnik said. Two people in a relationship can have vastly different attitudes about money, Guralnik said.

Persons: Orna, he'd, doesn't, George Frederick Watts, Orna Guralnik, Guralnik doesn't, Guralnik, It's, what's, I'm, Kristi, Brock, Guralnik they're, Jamie Grill Organizations: Showtime, Finance, Guralnik

ONE OF grilling’s greatest virtues: the way the smoke does most of the work for you, infusing every bite of the food it touches with intense flavor. But even pitmaster-level proteins can use a saucy soul mate—just a quick swab of something sweet, sour, rich or spicy to translate a grill-hatched slab of beef or salmon or maitake mushroom into a meal.

☆ Chick-fil-A's first-ever restaurant — a 56-year-old location in an Atlanta mall — is closing
▼ + stars: | 2023-05-19 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

Chick-fil-A's oldest restaurant is closing on Sunday after 56 years of operation, The Atlanta Journal-Constitution reported. The restaurant in Greenbriar Mall, Atlanta, first opened in 1967 and sold chicken sandwiches for $0.59. "At the time, the concept of a shopping mall restaurant was groundbreaking," Chick-fil-A says in a history of the Greenbriar Mall store, describing it as a "pioneer in the modern-day food court." The restaurant later relocated to a larger spot in the mall. Chick-fil-A's first free-standing restaurant didn't open until nearly two decades later in North Druid Hills, northeast Atlanta.

☆ Mediterranean restaurant chain Cava files for IPO as revenue climbs
▼ + stars: | 2023-05-19 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Mediterranean restaurant chain Cava saw its revenue rise 12.8% in 2022, according to regulatory filings released Friday as it filed to go public through an initial public offering. Over the last five years, it's converted Zoes' footprint into new Cava locations. Last year, the company's net sales climbed to $564.1 million, 12.8% higher than the year earlier. The company has 263 locations open as of April 16 and plans to open 34 to 44 new units by the end of the year. But investors might have an appetite for Cava stock despite concerns about a potential recession this year hitting restaurant demand.

☆ Chick-fil-A’s first-ever restaurant is closing
▼ + stars: | 2023-05-18 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +2 min

New York CNN —Chick-fil-A’s first-ever restaurant is closing after more than a half-century in business. Opened in 1967, the Greenbriar Mall food court location in Atlanta is set to close on Saturday, according to local reports. It’s unclear why the restaurant is closing and Chick-fil-A didn’t immediately return CNN’s request for comment. In 1997, a plaque was installed at the mall restaurant to celebrate its 40th anniversary and celebrate how the company pioneered in-mall dining. Its success led him to evolve the restaurant into the Chick-fil-A chain, and some consider that to be the first Chick-fil-A location.

☆ Kick Off Summer With These 5 Breezy Make-Ahead Salads
▼ + stars: | 2023-05-18 | by ( Kay Chun | ) www.nytimes.com time to read: 1 min

It may be spring, but summer — and all its abundance — is on the horizon, ready to encourage breezy communal dining under the glow of the sun and the grill. No gathering of the season is complete without bounteous produce, which can be quickly and easily turned into crowd-pleasing sides. These summer dishes, all ready in less than an hour, pair wonderfully with beloved classic cookout foods, whether burgers or hot dogs, grilled chicken or seafood. Do all of the chopping and cooking earlier in the day, or even the night before, then toss again or assemble right before serving. So start tucking these recipes away: Summer awaits.

☆ Senators Grill Ex-C.E.O. of Silicon Valley Bank
▼ + stars: | 2023-05-16 | by ( ) www.nytimes.com time to read: 1 min

0:58Congressional Leaders Hopeful That Debt Limit Deal Is Possible SoonNOW PLAYINGSenators Grill Ex-C.E.O. of Silicon Valley Bank1:17OpenAI C.E.O. Calls for Government Regulation of Artificial Intelligence1:07Brandon Johnson Is Sworn In as Chicago’s 57th Mayor0:38As House Passes Border Security Bill, McCarthy Blasts White House1:05Santos Does Not Plan to Resign Despite Fraud Charges0:48Biden and McCarthy Address Debt Limit Talks1:13Four Proud Boys Are Convicted of Sedition0:59‘Taxpayers Are Not on the Hook’ for First Republic Collapse, Biden Says1:10Biden Ribs News Media at Correspondents’ Dinner0:40House Republicans Pass Debt Ceiling Bill0:54

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