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Gasoline Prices Continue to Fall, Consumer Sentiment Continues To Rise
Low global demand for oil and the strong U.S. dollar continue to depress oil prices, and refineries are coming off of their seasonal maintenance programs. The results are some of the lowest gasoline prices Americans have seen since the Great Recession. The average prices of a gallon of regular gasoline fell to $2.078 on Sunday,…
Happy Thanksgiving! Wholesale Food Prices Fall Again As Menu Prices Continue To Rise
Food prices at the wholesale level fell 1.4% in October, as beef and egg prices recorded decreases, and prices of most other food commodities were flat, according to Producer Price Index data from the U.S. Bureau of Labor Statistics. The decline follows a 1.6% drop in September and was the ninth month in the last…
Traffic Rose In Seven Major Global Markets Second Quarter
Seven of the 11 foodservice markets tracked by the NPD Group’s CREST consumer research experienced traffic gains in the second quarter 2015 vs. the same quarter year prior. “Optimism, though cautious, abounds throughout the global foodservice market,” said Bob O’Brien, Senior V.P.-Global Foodservice at NPD. Snacks and morning meals drove the gains in most markets,…
MAFSI Reps Report Another Strong Quarter
Sales of equipment and supplies rose 5% in the third quarter 2015 compared with the third quarter ’14, according to reps reporting for the Manufacturer’ Agents Association for the Foodservice Industry Business Barometer. The strong gain comes on the heels of a 5.1% increase in the second quarter and a 4.7% uptick in the first…
Marriott Int’l. Buys Starwood
Last week’s announcement that Marriott Int’l. has bought Starwood Hotels & Resorts Worldwide has created the world’s largest hotel company. The $12.2 billion merger will see Marriott operate more than 5,500 hotels across 30 hotel brands; Starwood’s 11 brands include Sheraton, Westin, St. Regis and W hotels. The deal was unanimously approved by the boards…
Quaker Steak Acquired By TravelCenters Of America
TravelCenters of America has purchased Quaker Steak & Lube’s restaurants and related assets for approximately $25 million. Founded in 1974 in Sharon, Pa., Quaker Steak & Lube has more than 50 locations across 16 states. TA operates 500 full- and quick-serve restaurants, principally located in 253 full-service travel centers and 184 c-stores in 43 states. In addition…
New Owners For Houlihan’s Restaurants
York Capital Management has signed a definitive agreement to buy the parent company of Houlihan’s Restaurants, the Leawood, Kan.-based chain, from a subsidiary of Goldner Hawn Johnson & Morrison. Terms were not disclosed, but the transaction was expected to close in December. Restaurant veteran Michael Archer is investing along with York and will become the…
Unified Brands Names Edwards To Oversee Chain Accounts; Franks To Helm CapKold
Unified Brands has elevated company veteran Alex Edwards to Director of Sales-Chain Accounts. In his new role, Edwards’ responsibilities will include overseeing the growth of the Conyers, Ga., company’s chain foodservice segment, while providing strategic leadership to the chain account management team. He will report to Tom Donovan, V.P.-Sales. Edwards has spent 20 years in…
McDonald’s Won’t Spin Off Real-Estate Holdings
On the heels of its first strong quarter in two years, McDonald’s said at its Nov. 10 investor conference in New York that it will accelerate cost cuts and boost sales of restaurants to franchisees. But CEO Steve Easterbrook put to rest speculation that the Oak Brook, Ill., chain would spin off its real-estate holdings…
In Memoriam: Henny Penny’s Jack Cobb
Jack Cobb, the former owner and long-time president and CEO of Henny Penny Corp., died November 20. He was 83. When he joined Henny Penny in 1959, Cobb was the Eaton, Ohio, manufacturer’s fourth employee. By 1970, he was vice president, and four years later, he became Henny Penny’s president when he and a business…
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