Saturday, June 12, 2010
Disney hotel workers walked off the job
More than 200 Disney hotel workers walked off the job Friday in a one-day strike that is the latest in a series of job actions at the Anaheim resort.
Representing the striking workers is Local 11 of the Unite Here union, which negotiates on behalf of some 2,100 Disney employees who have been without a contract for more than two years.
Local 11, known for its activist stance, has staged numerous public protests in a bid to pressure publicity-conscious Disney on contract negotiations.
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Representing the striking workers is Local 11 of the Unite Here union, which negotiates on behalf of some 2,100 Disney employees who have been without a contract for more than two years.
Local 11, known for its activist stance, has staged numerous public protests in a bid to pressure publicity-conscious Disney on contract negotiations.
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Club Med Shares Surge on Summer Bookings, First-Half Profit
June 11 (Bloomberg) -- Club Mediterranee SA surged in Paris trading after the resort operator said bookings rose 18 percent in the last eight weeks and reported a first-half profit.
The shares advanced as much as 1.05 euros, or 9.1 percent, to 12.57 euros, the steepest intraday gain since Sept. 25.
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The shares advanced as much as 1.05 euros, or 9.1 percent, to 12.57 euros, the steepest intraday gain since Sept. 25.
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Wendy’s/Arby’s a takeover target
ATLANTA (June 11, 2010) Wendy’s/Arby’s Group Inc. chairman Nelson Peltz disclosed Thursday he received an inquiry expressing interest in the acquisition of the fast-food company, according to documents filed with the U.S. Securities and Exchange Commission.
In the filing, Peltz indicated he is considering the matter, which was made by an unnamed third party, and would review his options as well as alternatives with regard to the possible acquisition of the company. Peltz’s Trian Fund Management LP, which owns about 23.5 percent of Wendy’s/Arby’s Group, is the company’s largest shareholder.
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In the filing, Peltz indicated he is considering the matter, which was made by an unnamed third party, and would review his options as well as alternatives with regard to the possible acquisition of the company. Peltz’s Trian Fund Management LP, which owns about 23.5 percent of Wendy’s/Arby’s Group, is the company’s largest shareholder.
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Friday, June 11, 2010
Shh! Hotel sleep wardens listen for night noise
As a New Yorker, Patricia Luebke is used to sleeping through a lot of ambient noise. But there was no chance she was going to get any shut-eye with a party going on in the hallway outside her Cincinnati hotel room door.
She tried complaining to the hotel management. “But they did nothing,” Luebke said. “By the time party finally broke up, at around 4 a.m., I was screaming at the front desk. In retrospect, I should have called the police.”
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She tried complaining to the hotel management. “But they did nothing,” Luebke said. “By the time party finally broke up, at around 4 a.m., I was screaming at the front desk. In retrospect, I should have called the police.”
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Thursday, June 10, 2010
After 10 Million Ribs, Burger King Begins to Run Out
Make no bones about it: Burger King Holdings Inc. restaurants are running short of ribs.
Amid brisk demand, some Burger King outlets have already exhausted their supply of the relatively pricey new pork ribs, and the company expects to use up its entire rib order in the next week or so, said John Schaufelberger, Burger King's senior vice president of global product marketing and innovation. That means the limited-time offer on the ribs, slated to end June 20, may be cut short.
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Amid brisk demand, some Burger King outlets have already exhausted their supply of the relatively pricey new pork ribs, and the company expects to use up its entire rib order in the next week or so, said John Schaufelberger, Burger King's senior vice president of global product marketing and innovation. That means the limited-time offer on the ribs, slated to end June 20, may be cut short.
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Latest Jekyll plans call for mix of hotels, shops
Jekyll Island's latest redevelopment plan calls for a $75 million mix of hotels, shops and restaurants in the heart of the state park beloved by generations of vacationing Atlantans.
After numerous proposals the last four years, a failed deal with an Atlanta developer and the crippling recession, Jekyll officials were elated and relieved Wednesday to announce that construction on the scaled-back plan should begin in October. All projects should be finished by mid-2012.
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After numerous proposals the last four years, a failed deal with an Atlanta developer and the crippling recession, Jekyll officials were elated and relieved Wednesday to announce that construction on the scaled-back plan should begin in October. All projects should be finished by mid-2012.
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McDonald's Still Hungry for U.K. Growth
High energy levels are no guarantee of success as a chief executive, particularly at a fast food chain in the UK where its 2.5 million customers a day can vote with their feet. But it helps, and if the recent exploits of Steve Easterbrook, the president of McDonald's Northern Europe, are a guide he has plenty.
Last weekend, Mr Easterbrook, who became chief executive of McDonald's UK in 2006, completed a sprint triathlon at Blenheim Palace, comprising 750m in the water, 20km on the bike and a 6km run. For the record, he completed the event in one hour 48 minutes.
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Last weekend, Mr Easterbrook, who became chief executive of McDonald's UK in 2006, completed a sprint triathlon at Blenheim Palace, comprising 750m in the water, 20km on the bike and a 6km run. For the record, he completed the event in one hour 48 minutes.
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Singapore squashes PETA chicken protest at KFC
SINGAPORE (AP) -- Singapore police squelched a planned demonstration against a KFC restaurant Thursday, but the detained animal rights activist vowed to return to protest in the tightly controlled city-state.
Edward Basse, a 24-year-old American activist with the People for the Ethical Treatment of Animals, or PETA, said plainclothes police snatched him off the street and interrogated him for several hours before warning him not to leave his hotel until his flight out of the country Friday.
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Edward Basse, a 24-year-old American activist with the People for the Ethical Treatment of Animals, or PETA, said plainclothes police snatched him off the street and interrogated him for several hours before warning him not to leave his hotel until his flight out of the country Friday.
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Extended Stay seeks court OK of Centerbridge group bid
Extended Stay said the group, which emerged as the successful bidder at a court supervised auction last month, had also agreed to contribute certificates representing interests in a $4.1 billion mortgage loan for equity of the company.
"The Debtors (Extended Stay) are confident that the investment agreement embodying the successful bid is the highest and best bid submitted at the auction and, thus, provides maximum recoveries and distributions to creditors," the company said in court papers filed late on Tuesday.
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"The Debtors (Extended Stay) are confident that the investment agreement embodying the successful bid is the highest and best bid submitted at the auction and, thus, provides maximum recoveries and distributions to creditors," the company said in court papers filed late on Tuesday.
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Euro Disney hit by growing debt fear
Euro Disney runs the Disneyland Paris resort on the outskirts of Paris and it has been battered by the downturn as more holidaymakers have stayed at home and the pound has reached record lows against the euro.
Euro Disney still has €1.9bn (£1.6bn) of the debt used to fund the park’s construction on its books. The company made a €26.4m operating profit on revenue of €1.2bn in the year ending September 30 2009 but paying €89.2m of financial charges on the debt left it with a €63m net loss.
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Euro Disney still has €1.9bn (£1.6bn) of the debt used to fund the park’s construction on its books. The company made a €26.4m operating profit on revenue of €1.2bn in the year ending September 30 2009 but paying €89.2m of financial charges on the debt left it with a €63m net loss.
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Fuddruckers shutters all of its Colorado restaurants
The burger chain with a name everyone loves to say (or is it slay?) has packed its beef and left the state for good.
Fuddruckers has closed its three Colorado restaurants as a result of the Chapter 11 bankruptcy filing of its parent company. The closures, effective April 30, came down less than two weeks after parent company Magic Brands, LLC announced it was selling off $40 million worth of its assets to an investment company called Tavistock Group.
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Fuddruckers has closed its three Colorado restaurants as a result of the Chapter 11 bankruptcy filing of its parent company. The closures, effective April 30, came down less than two weeks after parent company Magic Brands, LLC announced it was selling off $40 million worth of its assets to an investment company called Tavistock Group.
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TGI Friday’s operator hopes to cut debt through bankruptcy
BiState Bistro Associates of Chesterfield, which operates a dozen TGI Fridays restaurants, included an outline for a reorganization plan and said it hopes to cut its more than $9.5 million in debt in a bankruptcy it filed June 2.
The Chesterfield business, controlled by Steve Bell and Bradley Bax, sought bankruptcy June 2 in the U.S. Bankruptcy Court for Eastern Missouri. The action came after facing increased expenses with a TGI Fridays remodeling program that came at the same time revenue at its restaurants started to drop as the economy declined, BiState Bistro said in its bankruptcy disclosure. Its largest secured creditor is General Electric Capital Corp., which is owed about $5.6 million, according to bankruptcy court
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The Chesterfield business, controlled by Steve Bell and Bradley Bax, sought bankruptcy June 2 in the U.S. Bankruptcy Court for Eastern Missouri. The action came after facing increased expenses with a TGI Fridays remodeling program that came at the same time revenue at its restaurants started to drop as the economy declined, BiState Bistro said in its bankruptcy disclosure. Its largest secured creditor is General Electric Capital Corp., which is owed about $5.6 million, according to bankruptcy court
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$525m Ginn foreclosure: Credit Suisse closing in
A major international financial institution is moving to obtain the necessary Bahamian government approvals to foreclose on a major chunk of Grand Bahama's $4.9 billion Ginn sur mer project, with the 2006 Heads of Agreement that expanded the development's size alleged to have been central to a scheme to artificially inflate its net worth.
The allegations are contained in a May 17, 2010, lawsuit filed against Ginn and all the entities associated with the Bahamian project's development by yet another group of disaffected real estate purchasers, whose motto seems to be: 'If at first you don't succeed, try, try, try again.'
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The allegations are contained in a May 17, 2010, lawsuit filed against Ginn and all the entities associated with the Bahamian project's development by yet another group of disaffected real estate purchasers, whose motto seems to be: 'If at first you don't succeed, try, try, try again.'
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McDonald’s Targets Emerging Markets With Restaurant Openings
June 10 (Bloomberg) -- McDonald’s Corp., the largest restaurant chain, plans to open 100 more restaurants in South Africa and 120 in India over the next five years as the company seeks out further growth in emerging markets.
The Asia-Pacific, Middle East and Africa area contributes about 14 percent to the company’s operating income, compared with less than 8 percent five years ago, Tim Fenton, McDonald’s president for the region, said in an interview today.
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The Asia-Pacific, Middle East and Africa area contributes about 14 percent to the company’s operating income, compared with less than 8 percent five years ago, Tim Fenton, McDonald’s president for the region, said in an interview today.
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