Weekly Food Industry Report: The Week of December 02, 2013
Every week, we take a look into some of the biggest financial news to emerge from the world of food. Here is this week’s:
Sweetgreen: The fast-casual Washington, DC- based salad chain received a $22 million investment from Revolution Growth, a venture capital firm founded by AOL co-founder, Steve Case. It’s the company’s first influx of institutional capital and will help fund its growth, says CEO Nicolas Jammet. With this investment, Case now holds a minority stake in the company.
Chanticleer Holdings Inc.: The company, which owns Hooters restaurants, will acquire the one-unit fine-dining Spoon Bar & Kitchen in Dallas. Its executive chef John Tesar will remain with the restaurant and work with Chanticleer to create a fast-casual version of the restaurant.
Coffee Bean & Tea Leaf: John Dawson, former executive of Dunkin’ Brands Group Inc. and McDonald’s, was named president and chief executive of The Coffee Bean & Tea Leaf, effective Jan. 1, 2013. Dawson aims to focus on increasing sales and store base, supporting franchises, delivering product quality, and ensuring excellent customer experiences.
Yum! Brands Inc.: The company reported a one-percent increase in same-store sales for its struggling China division for the month of November. The increase is due largely to a value promotion at KFC.
We’re always on the lookout for new financial news, so let us know!