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finance

Financing

Sardar Biglari loses another Cracker Barrel proxy vote

Raymond Barbrick didn’t get nearly enough votes for a seat on the family chain’s board, Biglari’s fifth such proxy loss, says RB’s The Bottom Line.

Financing

No federal aid in sight this time around

Restaurants aren’t likely to see the sort of federal relief that helped them weather the shutdown of dining rooms back in the spring. At least not for a while.

The casual dining chain is reopening four units as it emerges from Chapter 11.

The health-focused concept, which includes restaurants, vending machines and a subscription service, just received $16 million in funding to expand.

The company has lost money every year since its founding, and said it expects those losses to continue.

Here’s a snapshot of how those operations fared during Q3, along with a look at how they intend to improve their performance.

The debt that triggered the bankruptcy filing has been acquired by a restaurant company affiliated with the franchisee’s president, eliminating the need for protection, the creditor said in a court filing.

Same-store sales improved as the chain was able to reopen more dining rooms, but were still down 36% in the third quarter.

The all-stock merger creates a multi-branded golf powerhouse and gives Topgolf a valuation of nearly $2.5 billion.

The fast-casual chain, which has $82.3 million in debt, began seeing falling sales in 2017, according to court documents.

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