Weekly Food Industry Report: The Week of January 6, 2014
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:
Denny’s Inc.: In an ongoing effort to expand overseas, Denny’s Inc. announced a franchise agreement that will introduce 30 restaurants to nine countries in the Middle East over the next 10 years.
CEC Entertainment Inc.: The parent company to Chuck E. Cheese's is considering a potential sale, according to a report by Reuters. The report, which cited unnamed sources and referenced private-equity buyers, states that the company is working with Goldman Sachs Group Inc. and has been speaking with interested buyers over the past few months.
Sonic Corp.: For the first quarter, Sonic Corp.’s profit rose 33.8 percent, boosted by a $500,000 favorable tax ruling during that period. In other news, the company will add a new point-of-sale system to all company-owned restaurants in the 2014 fiscal year, according to its chairman, chief executive, and president J. Clifford Hudson. He expects improved margins and revenue once the system is in place.
Bojangles’ Restaurants Inc.: The company named Clifton Rutledge as its new chief executive, effective Jan. 24. Rutledge, who was formerly the chief operating officer of Whataburger, will replace Randy Kibler, who announced his retirement in September.
Yum! Brands Inc.: The company promoted two executives in its Pizza Hut and KFC brands in the U.S. David Gibbs was named president of Pizza Hut in the U.S. and Jason Marker was named general manager of KFC in the U.S.
Yogurtland: The company promoted chief operating officer Huntley Castner to chief executive. Castner is replacing the frozen yogurt chain’s founder, Phillip Chang, who will become chairman.
We’re always on the lookout for new financial news, so let us know!