Large restaurant chains are growing, SMEs are looking for loans
As restaurants look to cash in on trillions of dollars in stimulus, including $ 28.6 billion in funding nominated for restaurant relief that passed earlier this month, many businesses have just received a much-needed two-month extension to apply for their Paycheck Protection Program (PPP) loans, reports CNBC.
the PPP Extension Law, which passed 92-7 in the Senate on Thursday (March 25) and 415-3 in the House of Representatives on March 16, extends the deadline for submitting applications for companies until May 31 and extends the processing time requests from the Small Business Administration per month. The extension comes as billions of dollars in aid for small businesses go without a destination despite widespread need, reports CNN.
“This extension is desperately needed,” said the senator Ben cardin, president of Small Business and Entrepreneurship Committee, said Tuesday March 23, reports USA today. “It takes time for these requests to not only be filed, but also processed. As a result, if we don’t extend the program, there will be a lot of small businesses left behind. “
The country’s largest franchisee doubles in size
Flynn Restaurant Group, the largest franchisee in the United States that operates more than 1,000 restaurant units, just doubled its number to 2,355 locations with its most recent acquisition, reports Catering company. The group announced Wednesday, March 24 the acquisition of 937 Pizza Hut and 194 Wendy’s locations from a restaurant franchisee. NPC International follow the NPCs bankruptcy. It is the largest franchisee-to-franchisee sale in the country to date and will bring Flynn Restaurant Group’s total annual sales to a shocking $ 3.5 billion.
“We are delighted to announce the addition of Pizza Hut and Wendy’s to our portfolio,” said Flynn Restaurant Group, Founder, President and CEO Greg flynn said in a statement published in the Star News. “They bring with them a wonderful team of dedicated operators and support staff, whom we wholeheartedly welcome into the Flynn family. Additionally, Pizza Hut and Wendy’s are deeply established as leading concepts in their industries, and our entry into their systems contributes to our goal of operating at scale in leading brands.
The acquisition comes amid a wave of strong sales for fast-casual table service chains, a trend observed by Flynn himself in a recent interview with Bloomberg. As vaccines roll out across the country and stimulus checks hit consumers’ bank accounts, newly immunized customers, with the funds at their disposal, seek out dining experiences.
7-Eleven presents the first Drive-Thru restaurant
Convenience store giant 7 eleven enters the game of the restaurant behind the wheel with his Laredo Taco Company drive-thru, which opened Tuesday, March 23 in Dallas, Texas, reports CNN. In addition to tacos, the drive-thru also serves a range of drinks, including slurpees, coffee drinks, and alcoholic options including margaritas, beer, and wine. The restaurant also includes an indoor dining area, according to the Press release announcing the opening.
“The 7-Eleven is known as a beverage destination, and the Laredo Taco Company makes some of the best quick-serve Mexican food around,” 7-Eleven COO Chris Tanco said in a statement. “Add the convenience of having a taco with a Slurpee drink in a drive-thru, and it’s a match made in heaven.”
The drive-thru is open 5 a.m. to 10 p.m. five days a week, Sunday through Thursday, and remains open for an additional half hour on Fridays and Saturdays. In addition to the restaurant’s standard menu, “breakfast tacos and bowls” are served until 10:30 am, and there is also a “Los Niños” children’s menu.
“While opening the Laredo Taco company’s first drive-thru restaurant with a 7-Eleven store would be exciting anytime, we believe customers looking for a socially distant way to have breakfast, the lunch and dinner will really enjoy it now, ”Tanco added. “Soon, I hope, ordering tacos and drinks for face-to-face meetings with family and friends will be the norm again.
Metropolitan coffee shop chain Bluestone Lane envisions new markets
High-end cafes and coffee chains Bluestone Lane, inspired by Australian cafe culture, extends beyond the coastal urban markets that have been its bread and butter, so to speak, until now. The company ad Thursday (March 25) that it will add 15 new locations to its existing 51 throughout the year.
While the next openings on the horizon are pretty typical for the company – spanning its hometown of New York, as well as San Francisco and Los Angeles – the chain will enter new markets later in the year. Openings are planned in several suburbs on the East Coast. Additionally, new locations in Texas will mark the chain’s first US expansion beyond the coast. (There are, however, a few Bluestone Lane locations in Toronto.)
“Bluestone Lane has built customer loyalty in bustling cities, where our residents can enjoy their daily getaway with premium coffee and a healthy meal,” said the founder and CEO of the chain. Nicolas stone said in a statement. “Many residents have moved to the suburbs, but we also know that big cities like New York are not going to go away. So our expansion plan includes both.”
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