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Weekly Global News Wrap: Chipotle’s climate pledge; Fat Brands to acquire U.S. Italian chain Fazoli's, Wingstop to increase menu prices amidst rising costs

Here is a summary of the most interesting news stories of the week from around the world.

Yum Brands and Starbucks are some of the companies that released their latest earnings reports, topping analysts’ estimates, according to separate reports from CNBC. Read more here and here.

A group of U.S. Starbucks workers in Buffalo, New York that are attempting to unionize have filed a federal complaint with the country’s National Labor Relations Board, alleging that its parent company has interfered in the unionization voting process, Nation’s Restaurant News reported. Read more here.

Wingstop is seeking ways to get a better grip on its supply chain to deal with soaring food and labor costs. As reported by Restaurant Business, the chain will increase menu prices another 4% to 5% in the coming weeks, for a total of a 10% price hike this year. Read more here.

Chipotle has pledged to cut its carbon emissions by 50% by 2030. As noted by Nation’s Restaurant News, its targets use the United Nations-backed Science Based Target Initiative, or SBTi, which establishes a standard and promotes best practices in line with the goal of limiting global warming to 1.5 degrees Celsius by the end of this century. Read more here.

Fat Brands is set to acquire Italian chain Fazoli's for US$130 million from funds managed by Sentinel Capital Partners. As noted by Restaurant Dive, the acquisition is expected to close by mid-December. Read more here.

 

 

 

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Lim Hee Liat and Chia Cher Khiang stepped down from their roles in the company after they were charged under Singapore’s Securities and Futures Act.
It previously announced it will be shutting down or suspending the operations of around 300 restaurants.
The owners of the Wagas business are seeking a valuation of US$800 million to US$1 billion or more.
The chain also launched its own ready-to-eat items under its own brand 7-SELECT.
It is also getting a majority stake in the firm that owns bubble tea chain Milksha.
Over eight neighbourhoods will be catered for by the new site.
The partnership will help Zomoz scale to more than 300 retail and cloud outlets pan India over the next 30 months.
Affected employees would be redeployed within the group.
The American seafood chain has 21 locations in Singapore.