Weekly Global News Wrap: Yum! Brands closes 7,000 restaurants globally; McDonald's pulls out US breakfast offering; The Cheesecake Factory furloughs 41,000 workers
Here is a summary of the most interesting QSR news stories of the week from around the world.
Yum! Brands has suspended its US$2 billion share buyback programme and tapped into a US$525 million revolving credit facility as the COVID-19 pandemic puts pressure on the restaurant business, CNBC has reported. The company also revealed that they have closed 7,000 restaurants around the world due to the outbreak. Read more here.
The COVID-19 crisis has also prompted McDonald’s to temporarily pull its all-day breakfast offering in the US. As USA Today reports, the menu alteration aimed to "simplify operations in our kitchens and for our crew, and ensure the best possible experience for our customers." Read more here.
The Cheesecake Factory has furloughed about 41,000 hourly workers and reduced the pay of corporate employees by 10% to 20%. As reported by Restaurant Business, benefits, including health insurance, will be maintained for the furloughed employees until June 1. Read more here.
Wendy’s has withdrawn its 2020 and longer-term outlook as it experiences as same-store sales plunge by 20% in its latest week. The company has temporarily shuttered 46 US restaurants and 189 international locations due to the ongoing COVID-19 pandemic. Read more here.
Americans have started to visit less fast food joints amidst the pandemic, data from Foursquare has revealed. After an initial increase in fast food visits, QSRs saw 10% decline in visits around mid-March when President Donald Trump declared a state of emergency. Read more here.
