Big News
Restaurant stocks suffer in the wake of hurricanes.
Shares of McDonald's (MCD) sank on Tuesday, a day after breaking out into buying territory, reportedly on concerns over third-quarter same-store sales. The news comes as analysts try to parse out which restaurants are likeliest to suffer most in the wake of hurricanes Harvey and Irma, which have sheared through islands, clogged streets with water and debris, caused widespread power outages and driven gas prices higher.
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Starbucks Names Rosalind Brewer Group President and Chief Operating Officer
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Dunkin' Donuts Announces Appointment Of Chief Marketing Officer
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 Longtime Chipotle exec named Fresh Brothers COO
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On The Border Mexican Grill & Cantina Announces New Chief Financial Officer
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MOD Pizza Appoints Tracy Cioffi as Chief Marketing Officer and Names Kate Jaspon of Dunkin' Brands to The Board
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Real Mex Restaurants Names Judd Tirnauer As CFO
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Arby's Announces Senior Leadership Changes
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Le Duff America Names First U.S.-Based President Of Brioche Doree
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Laurie Schalow Named Chief Communications Officer for Chipotle
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Board of Directors Amends Bylaws to Create Independent Chairman of the Board
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Sonic Appoints Chief Brand Officer
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Garden Fresh Restaurants Names Industry Veteran John W. Haywood CEO
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FAT Brands Enters into Agreement to Acquire Ponderosa and Bonanza Steakhouses
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Le Duff America Nears Completion On la Madeleine Refranchising; Announces Sale Of Bruegger's Bagels; Begins U.S. Launch Of Brioche Doree
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Joe's Crab Shack locations reportedly close suddenly around the country
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Up to 160 Applebee's and IHOP locations to close this year
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Brinker International Reports Fourth Quarter And Fiscal Year Results
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Yum! Brands Reports Second-Quarter GAAP Operating Profit Growth of 1%; Delivered Second-Quarter Core Operating Profit Growth of 19%; Maintains Full-Year Core Operating Profit Growth Guidance
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Viewpoint
The Talent War Continues to Rage
by Bob Gershberg, CEO/Managing Partner Wray Executive Search
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Bob Gershberg |
"Our people are our greatest asset!" We sing it loudly, from the boardrooms, the mountaintops and beyond. "We have an Employee First culture!" We hear that one often enough. The "War for Talent" warning from McKinsey & Co. in the late 90's advised on an upcoming talent shortage and urged us to prioritize talent strategies around recruiting, retaining and developing key employees.
Well, folks, you ain't seen nothing yet. As the US approaches full employment, and job creation grows at twice the rate of the labor pool, brace yourself for a seismic shift in the war for talent. Shifting demographics, changes in consumer demand and the upward spiral of global competition will yield fierce battle for talent over the next two decades.
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Burn After Reading
Burn After Reading: the Hidden Cocktail Bars of Asheville, North Carolina
by Rebecca Patt, SVP Development, Wray Executive Search
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Rebecca Patt
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You may be one of the hordes of tourists planning to visit the cultural and scenic mecca of Asheville, North Carolina. I am lucky enough to call it my home, so I am familiar with some under-the-radar, off-the-beaten-path spots to soak up the local hospitality and enjoy a libation. These places don't have a sign on the door, or barely, but they are not just the average dive. Please don't tell anyone you heard this from me.
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Quotes
"There are no traffic jams along the extra mile."
~Roger Staubach
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What's New?
Restaurant Industry Impacted by Severe Hurricanes
by Kevin Stockslager, Associate Vice President at Wray Executive Search
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Kevin Stockslager |
Over the past few weeks, the Southern United States has been struck hard by two devastating hurricanes. Hurricane Harvey became the first major hurricane (Category 3 or higher) to hit the U.S. since Wilma in 2005 when it made landfall in Texas on August 25th and continued up the coast towards Louisiana before dissipating. Harvey dumped over 27 trillion gallons of rain, resulting in an estimated $80 billion in losses and significant casualties. Just two weeks later, Hurricane Irma struck the Florida Keys and drove right through the state, resulting in upwards of $60 billion in damages, casualties, and widespread panic as the storm slowly moved through the Caribbean on its way to the U.S. mainland.
These two major hurricanes devastated the areas of the country they touched and significantly impacted all industries. Hurricane Harvey struck the heart of Texas's oil refining industry and many companies shut down their facilities during the storm, resulting in long lines and higher prices at the pump for consumers. Both Harvey and Irma brought substantial flooding, power loss, and property damage. Government buildings and public schools were severely impacted, many schools suffering catastrophic damage and remain closed. Of lesser importance in the grand scheme of things, but certainly notable, the sports and entertainment industry was disrupted. Professional and collegiate athletic events were relocated, rescheduled, or cancelled altogether. Finally, the restaurant industry was hit equally hard.
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Financials
The Alternative To Spiking Costs
by John A. Gordon, principal and founder of Pacific Management Consulting Group
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John A. Gordon |
Those of us in this business were initially taught to be "penny profit" managers because of the reality that a penny here or there over a large individual unit transaction base, or over a district, region or system of units. Pretty easy math. But many of us have been shocked by cost increases over the last few years. In talking to some operators, here are some recent sounding on cost shock:
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Financial Edge
A potential solution to illegal immigration
by David Ulrich, EVP Wray Executive Search
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David Ulrich |
According to the Pew Research Center
http://www.pewresearch.org/fact-tank/2017/04/27/5-facts-about-illegal-immigration-in-the-u-s/ there are approximately 11.3 million illegal immigrants currently in the US. This figure is down from 12.2 million in 2007 prior to the Great Recession. Even during those years, everyone was hard pressed to find a good job. Regardless of the which Presidential administration is in power, the political football of who is going to deal with this issue has been in the news for decades.
Last summer, while traveling through Dallas-Fort Worth airport, I struck up a meaningful conversation with a gentleman who had some first-hand insight into a potential avenue to address illegal immigration. As we talked, I discovered that he was born and raised in Mexico, along with five of his siblings. About 20 years ago, they decided to migrate to the US illegally. After several years had passed, they all decided to officially become citizens of the US. He also informed me that his parents are still in Mexico and are terrified to come here given all the political turmoil associated with the current administration.
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