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Tightening credit could make it difficult for restaurant franchisees to remodel existing locations and buy new restaurants, reported The Wall Street Journal. Tighter credit could also impede plans by restaurant operators to remodel existing stores, install new equipment, open new locations or convert existing company-owned stores to franchised locations, stated Sharon Zackfia, a restaurant industry analyst at brokerage William Blair & Co. Full Story (WSJ Subscription Required)
 Costco's private-label business now accounts for almost 18% of the warehouse club store chain's sales, reported The Wall Street Journal. Full Story (WSJ Subscription Required) Wendy's/Arby's Group Inc.'s new CEO, Roland Smith, plans to target older customers, change its value menu and improve the freshness of some items now that the merger between the two companies is complete, Mr. Smith stated in an interview with The Wall Street Journal. Wendy's plans to change its value menu due to rising commodity costs. Also, Wendy's will be entering the breakfast business, as the company was serving breakfast at some locations, but has yet to hit on a successful strategy. Mr. Smith stated the company needs to reformulate some of its breakfast items and improve its coffee, reported Reuters. Full Story, Wendy's/Arby's Group Inc. Release Managers plan on hiring 3.7 seasonal employees this holiday season, about 33% less than the 5.6 seasonal workers hired last year, according to a new SnagAJob.com survey conducted by Ipsos Public Affairs. This figure includes the 57% of managers who do not plan on making any hires this year, which is up 8 percentage points from 2007. Managers who plan to hire at least one hourly holiday worker claim they are looking to bring on nine seasonal workers on average, down 20% from the 11.2 employees they report having hired last year. Full Story Pilgrim's Pride Corp. completed a definitive written agreement with its lenders to temporarily waive the fixed-charge coverage ratio covenant under its credit facilities through Oct. 28. The lenders also agreed to continue to provide liquidity under these credit facilities during this same 30-day period in accordance with the terms of the waiver agreement. Full Story
Some European supermarkets are allocating less shelf space to international brands and more to store brands, in response to customers calling for cheaper groceries. In addition, some retailers are opening no-frills "hard discount" stores that display products in their cardboard delivery boxes. Store brands account for some 22% of sales in Europe, compared with 16% in the U.S., according to market-research firm Euromonitor International, reported The Wall Street Journal. Full Story (WSJ Subscription Required) A number of UK dairy manufacturers will join forces as part of a European effort to improve the training and skills of their employees. Industry association Dairy UK says that Project Eden, a Europe-wide dairy education project, is targeting development of new qualifications and training programs that can provide a basis for skills accreditation across the bloc. The National Skills Academy for Food and Drink Manufacturing will be coordinating and overseeing the implementation of Project Eden over the next twelve months ahead of its expected launch in 2009. Full Story
Honey can be effective in killing bacteria that cause chronic sinusitis, according to a study from the University of Ottawa, reported CBSNEWS.com. Full Story Snack-sized quantities of walnuts slow cancer growth in mice, according to a Marshall University study published in the journal Nutrition and Cancer. The mice ate a diet in which 18.5% of the daily calories, the equivalent of two servings for humans, came from walnuts. Tumors in the walnut-fed group took twice as long to double in size as tumors in the control group, according to the study. Full Story
Pierre Foods, Inc. filed a consensual Joint Plan of Reorganization and Disclosure Statement with the United States Bankruptcy Court for the District of Delaware. The Plan is supported by funds managed by Oaktree Capital Management L.P., the company's single largest creditor, and Pierre's Official Committee of Unsecured Creditors. Pierre will ask the Bankruptcy Court to confirm the plan in early December 2008, and hopes to emerge from bankruptcy shortly thereafter. Oaktree supplied the company's debtor-in-possession credit facility, and upon confirmation of the plan, funds managed by Oaktree will become the majority owner of Pierre. Full Story
Red River Valley grower-shippers anticipate a difficult season. Trucks to get potatoes to market could be in short supply once again, and freight costs are making many shippers worried, reported The Packer Online. Full Story (Subscription Required) California almond growers claim it is too early to tell if the crop will meet predictions. Harvest started later than usual, but since then weather has cooperated and harvest crews are working rapidly. If the weather holds, farmers will be out of their fields by November, reported California Farm Bureau.  |
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