Burger merger: Fatburger owner is buying Johnny Rockets for $25 million

Like much of the restaurant industry, FAT Brands has been hit hard by the Covid-19 pandemic: The company said last week that sales for the second quarter plunged nearly 50%, and its stock was down nearly 25% this year before the deal was announced. But FAT Brands' stock more than doubled in early trading Thursday on the news of the Johnny Rockets purchase. FAT Brands also owns Elevation Burger, Hurricane Grill & Wings and the Ponderosa and Bonanza Steakhouses chains.

However, Americans' tastes have changed. More consumers, especially younger diners, are shunning meat. Johnny Rockets' menu does include a black bean burger, but there are no trendy plant-based offerings such as those popularized by Beyond Meat and Impossible Foods. Read MoreFAT Brands hinted that it might shake things up at Johnny Rockets. Andy Wiederhorn, CEO of FAT Brands, said in a statement Thursday that FAT Brands is"eager to take the brand to new heights.

SayHisName

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Interview: Barbara Burger on Chevron's $350 million venture fund - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. How Crowdfunding Influences Innovation in Malaysia? Speaker: Mr. Goh Boon Peng (CEO of MyStartr/ Director of SITEC Academy) Date: 21 August 2020 (Friday) (GMT+8) Time: 3pm to 4.30pm Venue: Microsoft Teams Fee: FREE and Open to Public Please register at:
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »

Interview: Barbara Burger on Chevron's $350 million venture fund - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. How Crowdfunding Influences Innovation in Malaysia? Speaker: Mr. Goh Boon Peng (CEO of MyStartr/ Director of SITEC Academy) Date: 21 August 2020 (Friday) (GMT+8) Time: 3pm to 4.30pm Venue: Microsoft Teams Fee: FREE and Open to Public Please register at:
Herkunft: BusinessInsider - 🏆 729. / 51 Weiterlesen »