Domino's said Thursday it's earlier 2024 guidance of 925-plus net international openings will fall short by 175 to 275 restaurants.
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Exciting times ahead in the fast-casual and quick-serve restaurant industry! 🚀 These chains are leading the charge with rapid expansion plans in 2024, creating a surge in demand for IT talent to support their growth and technological advancements: 🍕 MOD Pizza- Dominating the market with a 44.7% increase in U.S. sales. Their rapid expansion will require robust IT systems for new locations. ☕ Dutch Bros Coffee Bros. Coffee - Opening up to 165 new stores this year, enhancing their digital ordering systems and operational support. 🥪 Jersey Mike's Subs - Planning 350 new openings in 2024, focusing on franchise management and customer loyalty programs. 🍜 Teriyaki Madness - Expanding internationally with a significant increase in new locations, needing IT talent for digital operations. 🌮 Qdoba Mexican Eats - Urban Eats LLC Mexican Eats - Doubling in size over the next decade, starting with 40 new restaurants this year, requiring enhanced IT infrastructure. 🍪 Maple Street Biscuit Company - Growing beyond the South with new store setups and system integrations. 🥗 Chicken Salad Chick - Expanding into Texas and New Mexico, focusing on IT support for new stores. As these brands continue to grow, the need for innovative IT solutions is more crucial than ever. If you're an IT professional looking to make an impact in the food industry, now is the time to explore these opportunities! #FastCasual #QuickServe #ITJobs #RestaurantGrowth #TechInRestaurants Sources: Eat This FinanceBuzz Toast POS Mashed Nation's Restaurant News Maven Ohio Restaurant & Hospitality Alliance National Restaurant Association
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Concerning sign of challenges facing the F&B industry as Okami Restaurants Enter Voluntary Administration 🚨 The recent voluntary administration of 16 Okami restaurants across VIC, NSW, SA, and the ACT serves as a stark reminder of the challenges facing the hospitality sector. With rising inflation and lingering COVID-19 impacts, even established businesses are not immune. 📊 Key Points: 1️⃣ 16 Okami venues now under administration, not including the broader franchise network. 2️⃣ Reasons cited: delayed COVID-era costs and inflationary pressures leading to declining sales and rising operational costs. 3️⃣ Major creditors likely include the Australian Taxation Office (ATO) and related entities. 4️⃣ Administrators committed to preserving business value, ensuring wages for 250+ employees are up-to-date. This development aligns with recent CreditorWatch data indicating a significant increase in external administrations and a forecasted rise in the national business failure rate. The hospitality sector, particularly food and beverage services, remains at high risk. The focus now shifts to the first creditors' meeting on December 19 and the potential for a formal restructuring plan. We'll continue to monitor this situation closely. For insights into navigating these challenging times, join our upcoming webinar or reach out for personalised guidance. https://lnkd.in/gdxqB5me
All-you-can-eat Japanese restaurant Okami puts 16 venues into voluntary administration
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👉🏻 This phenomenon can be observed in Germany - and other Eurooean countries - on a rapidely growing scale. It is another clear sign for me that the private purchasing power is steadily decreasing. "A mix of underperformance issues, financial pressures from inflation, strategic realignments, changing consumer trends and overall cost-cutting objectives have all contributed to the recent wave of location closures across several restaurant chains in 2024. Major chains including TGI Fridays, MOD Pizza, Outback Steakhouse and Applebee's cited “underperformance” as the main reason for closing certain restaurant locations. They are strategically shuttering stores that are not meeting sales and profit expectations." #leadership #economy #culture #recession https://lnkd.in/eMAKBdy4
Major Restaurant Chains That Have Closed Down Locations Across The U.S. In 2024
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Finance Management Professional (Finance Manager) with expertise across Finance, Operations and Administration. Highly Analytical, Profit, Growth & Results focused. Driving business and financial efficiency.
Guzman y Gomez Going Public in $200 Million Move to Supercharge Expansion Have you ever been to a Giuzman Y Gomez restaurant? Do you know that about 100 restaurants will close in the next 6 months but not this restaurant chain! Australian fast food chain Guzman y Gomez will be publicly listed on the stock exchange next month in an effort to raise more than $200 million to rapidly expand across the country. The Mexican-inspired food retailer announced its fully underwritten initial public offering today of 11.1 million shares at $22 apiece. That sees the company's valuation sitting at $2.2 billion. Guzman y Gomez expects the move to raise about $242.5 million, $200 million of which will be put towards "the significant expansion of its corporate restaurant network in Australia". Shares are expected to be listed on the Australian stock exchange for the first time on June 20 under the GYG ticker. Company founder and co-CEO Steven Marks said the move would help the chain more than quadruple its number of restaurants up to more than 1000. "As we commence the next chapter as an ASX-listed company, our vision to reinvent fast food and change the way the masses eat will remain central to what we do. "We truly believe that fast food doesn't have to be bad food and we look forward to sharing our food with more guests across Australia and overseas as we look to realise the opportunity we have to grow our network to more than 1000 restaurants over the next 20-plus years." "We expect our sales growth to continue through the opening of new restaurants and increasing sales in existing restaurants," he said. "We also expect our profitability to improve as we continue to improve our execution in restaurants and we further leverage the benefits of our increasing scale." Guzman y Gomez currently operates 210 stores across Australia (where 185 are located), Singapore, Japan and the US, having opened its first restaurant in Sydney in 2006. It recorded $759 million in sales last financial year, a number it expects to hit $1.14 billion in 2025. #Profitability Outcomes #Business Growth #Cost Savings #Cash Flow Boosts # KPI’s Achievement #Reduction of Debt # Money Savings via Automation
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Director of Marketing and Communications at Amber Specialty Pharmacy | B2B Marketing for Specialty Brands | Graphic Designer | Strategist
When your company changes it’s logo, how important is it that you retire that t-shirt with the old logo? How about changing that pricey store sign? In Burger King’s case, they thought it was worth a purchasing their largest franchisee (for $1 billion in cash) to ensure brand consistency across locations. They believe that updating their image will help them reclaim their #2 market position from Wendy’s. Another great case study proving that investing in brand consistency has impact on market share. Love to see it. #branding #marketing
Restaurant Brands International (RBI), which owns the iconic fast food chain, Burger King, is purchasing the burger shop's largest franchisee in the U.S. for a whopping $1 billion in cash. RBI's purchase of Carrols Restaurant Group is expected to be completed by the end of Q2 2024 and will also include an additional $500 million in investments to update and remodel more than 1,000 Carrols-owned locations. https://lnkd.in/gptQC5Hv
Burger King's Owner Buys Biggest Franchisee For $1B | Entrepreneur
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McDomination: The Golden Arches Have Huge Ambitions. McDonald’s is gearing up for its "fastest period of growth" in the Big Mac maker’s history, unveiling plans to open a staggering 10,000 new stores globally by 2027, which would bring its total #restaurant tally to 50,000. If you live in the States, there might be a new McDonald’s coming to your town — with 900 new stores slated for the US — but the primary focus for the expansion is in its developmental markets like #China, #India, #Japan, and #Brazil. In these regions, Mickey D's is planning 7,000 new restaurants, with over half earmarked for China. For some perspective: it took 33 years from opening the first modern-day McDonald's to hitting 10,000 stores, and two decades to go from 30,000 to 40,000. At a rate of roughly 2,000 stores per year, these new plans will see a McDonald’s opening somewhere around the world every 4 hours and 23 minutes. The company isn’t just supersizing its physical presence, though. McDonald’s is also eyeing 250M members on its loyalty program by 2027 — who typically spend twice as much as non-members — and also recently unveiled a raft of changes to its all-important core menu, with “softer" buns, “meltier” cheese, and extra “special sauce”. However, stealing the spotlight amidst these plans is an entirely new restaurant concept: #CosMc, a McDonald's spin-off brand that will focus on a slimmer, mostly drinks-and-snacks-focused, menu. [email protected] 818-914-9271 #tradecreditinsurance
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Would you like to have a #restaurant business with: $ 8MM in annual revenue and 20% EBITDA or, $12MM in annual revenue and 10% EBITDA? $ 8MM business generated $1.6MM EBITDA $12MM business generated $1.2MM EBITDA. The $12MM restaurant pays out $10.8MM to generate this revenue and, the $8MM restaurant pays out $6.4MM. Another way to look at it is, which one of these businesses will be in worse shape if there is a negative change (more sensitive) in labor cost, food cost, or other macroeconomic conditions? Finally, which one generates more cash flow to spend on marketing or better managers/employees, all of which can generate more revenue in the long run.
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Coach & Advisor to Thoughtful Executives | Outcomes-Based Leadership Architect | Activist | Former Private Equity CEO & F500 CMO | Board Director | Writer | Speaker | ThemyLLC.com
Just an FYI...Bill Ackman's Pershing Square Capital Management, L.P. owns just under 15% of Restaurant Brands International's stock. Act accordingly. If you hold this stock, sell it. If you don't, boycott the restaurants in the group: Burger King, Tim Hortons, Popeyes Louisiana Kitchen & Firehouse Subs. As consumers and investors, we have power. Use it. #franchise #boycott #investing
Some breaking, category-shaking fast-food M&A on this Tuesday morning. Burger King will spend $1 billion to acquire its largest franchisee, Carrols Restaurant Group. The plan is for Carrols’ operating team to run restaurants in partnership with Burger King. And RBI will drop $500 million to remodel 600 soon-to-be acquired restaurants. The company will spend five to seven years refranchising most of the portfolio, which covers 1,000-plus units, to new and existing smaller franchisees who live in their local communities. Burger King will keep roughly 200 restaurants for itself.
Burger King to Acquire Largest Operator Carrols Restaurant Group for $1 Billion - QSR Magazine
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The quick-service restaurant (QSR) industry is constantly evolving! This blog is a must-read for anyone in the QSR space, packed with insights on: 1. Prioritizing local listings 2. Automation and self-serve technology 3. Which QSR opportunities are best for 2024 Ready to stay ahead of the curve in the QSR world? Read the blog now: https://bit.ly/4bo0Oqj #QSR #FranchiseMarketing
Quick Service Restaurant (QSR) Industry Trends 2024
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NEWS OF THE DAY! Restaurant Brands International, the parent company of Burger King, seals a $1 billion agreement to acquire Carrols Restaurant Group 1. Restaurant Brands International Inc. (QSR) is set to acquire Carrols Restaurant Group (TAST) for $1.0 billion. 2. The deal offers $9.55 per share for TAST, representing a 23.1% premium to its 30-day average price. 3. Carrols is the largest Burger King franchisee in the U.S., operating 1,022 Burger King and 60 Popeyes restaurants. 4. Burger King plans to remodel the acquired restaurants over the next five years as part of its Reclaim the Flame plan. 5. The transaction is aimed at accelerating sales growth, driving franchisee profitability, and follows Burger King's initial $400 million investment in September 2022. 6. Carrols' board formed a special transaction committee to evaluate the proposal, consisting of independent directors with advice from legal and financial advisors. =>Please follow Finplate and stay updated with the latest #mergersandacquisitions news. Thanks in advance. To read more about the news, please visit below given link: https://lnkd.in/ehhqm2NC
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