Connect with us

Business

Tim Hortons parent Restaurant Brands buying Firehouse Subs chain for $1B – CBC.ca

Published

 on


Restaurant Brands International Inc. is buying sandwich chain Firehouse Subs for US$1 billion, a deal the company says complements its existing portfolio of fast food brands.

The company behind Tim Hortons, Burger King and Popeyes said Monday the U.S.-based restaurant, which features hot specialty subs and salads on its menu, is a strong and growing player in the quick service restaurant industry with substantial long-term growth potential.

Firehouse Subs has tripled its restaurant footprint to about 1,200 locations since 2010 while its system-wide sales have quadrupled to an estimated US$1.1 billion expected for 2021, according to Restaurant Brands.

The company said Firehouse Subs benefits from a “strong family of franchisees” who own and operate 97 per cent of the brand’s restaurants across 47 U.S. states, Canada and Puerto Rico.

“We see tremendous potential to accelerate U.S. and international growth at Firehouse Subs with RBI’s development expertise, global franchisee network and digital capabilities,” Restaurant Brands CEO Jose Cil said in a statement.

“Firehouse Subs is a special brand with a talented team, impressive culture and community focus that resonates with guests and closely aligns with our core values at RBI.”

Florida-based chain

The sandwich chain was founded in Jacksonville, Fla., in 1994 by brothers and former firefighters Chris Sorensen and Robin Sorensen.

In 2005, the company established the non-profit Firehouse Subs Public Safety Foundation in the wake of hurricane Katrina. The organization is dedicated to improving the capabilities of first responders through funding, resources and support.

“At Firehouse Subs we are united in our commitment to and passion for hearty and flavourful food, heartfelt service and public safety,” Don Fox, CEO of Firehouse Subs, said in a statement.

“Joining the RBI family of brands provides an energizing opportunity to assist more communities, not only across America and Canada, but around the globe.”

The all-cash deal is expected to close in the coming months, pending satisfaction of customary closing conditions and regulatory approvals, according to the company’s filing with the U.S. Securities and Exchange Commission.

Restaurant Brands said it plans to fund the acquisition through a combination of cash on hand and debt.

Adblock test (Why?)



Source link

Continue Reading

Business

Cargill beef-processing plant in High River, Alta. narrowly avoids strike action – CBC.ca

Published

 on


Employees at Cargill’s beef-processing plant in High River, Alta., have voted in favour of a new labour contract, narrowly avoiding strike action and a possible lockout.

United Food and Commercial Workers Local 401 (UFCW), which represents workers at the plant, said Saturday that workers chose to accept the new contract offer, with 71 per cent voting in favour.

In a statement, UFCW said it was not an easy decision for staff at the plant, and called the contract vote a “bittersweet victory.” 

Workers had raised safety concerns after a COVID-19 outbreak at the plant in 2020 affected more than 900 people. The outbreak, which forced Cargill to temporarily close the plant — one of Canada’s largest — is linked to three deaths.

The union says the new contract includes procedures to ensure worker health and safety, benefits, and new rights for sick employees. 

After the two sides held talks on Tuesday, UFCW’s bargaining committee agreed to recommend the new offer to its members, Cargill spokesperson Daniel Sullivan said. Workers voted between Thursday and Saturday.

The union released parts of the proposed offer to CBC earlier in the week. The contract included $4,200 in retroactive pay for many Cargill union members; signing, holiday and COVID-19 bonuses; and a $5 wage increase.

Workers prepare beef to be packaged at the Cargill facility near High River, Alta. The plant is the site of what became the largest COVID-19 outbreak in North America last year. (Name withheld)

UFCW had said the plant’s roughly 2,000 workers would strike Monday unless an agreement was reached.

The union also they brought in tents, floodlights and heaters for the possible strike, while nearby fields were levelled to provide parking.

Cargill had also planned to lock out all UFCW union staff as of 12:01 a.m. Monday, according to a statement from the company’s vice-president of labour relations, Tanya Teeter, which was obtained and made public by the union.

“We are pleased to have reached an agreement that is comprehensive, fair, and reflective of their commitment to excellence at Cargill and the critical role they play in feeding families across Canada,” Jarrod Gillig, the company’s president of business operations and supply chain for North America protein, wrote in a statement to CBC Saturday.  

“As an organization that leads with our value to put people first, we truly believe this ratification is in the best interests of our employees and we are eager to move forward to build a stronger future – together.”

Reforms still needed: Union

“We also look forward to the citizens of Alberta joining with us in calling for reforms and restructuring in the meatpacking industry,” UFCW President Thomas Hesse wrote in a statement Saturday. 

“Workers have been ripped off. Ranchers have been ripped off. And we’ve all been ripped off at the supermarket counter. Government failed to protect these workers, as well as failing to protect Alberta ranchers and consumers. Change must occur.” 

The Cargill plant processes up to 4,500 head of cattle per day, accounting for about one-third of Canada’s beef.

Adblock test (Why?)



Source link

Continue Reading

Business

Job growth in Canada exceeded expectations in November – Canada Immigration News

Published

 on


Published on December 4th, 2021 at 08:00am EST

Aa
Accessibility

Font Style


<!–

–>

With employment soaring beyond predictions and unemployment dropping to near pre-pandemic levels, new labour force data suggest that Canada is on its way to a full economic recovery.

This past November, Canadian employers added 154,000 jobs to the economy. Last month’s growth exceeded analysts’ predictions of 38,000, which was closer to October levels. The gains pushed employment a full percentage point higher than pre-pandemic levels. Also, unemployment dropped to 6%, which is within 0.3 percentage points of what it was in February 2020.

Data from Statistics Canada’s Labour Force Survey reflect labour market conditions during the week of November 7 to 13. Proof-of-vaccination policies and other public health measures were largely similar to those in October.

Discover if You’re Eligible for Canadian Immigration

Labour shortages persist despite employment gains

Hiring in November was driven by the private sector both in full-time and part-time positions. Even so, Canada is still experiencing labour shortages across sectors like hospitality, retail, and health care. In September, there were roughly one million job vacancies across the country.

Most government COVID-19 financial assistance measures ended in late October. Some analysts say it may have pushed people to accept job offers. Among these measures was the Canadian Recovery Benefit for individuals, which had been accused of discouraging people from returning to work. The Conference Board of Canada says the lack of wage growth was an even greater disincentive, especially in low-wage service industries.

“November’s job growth suggests the withdrawal of the [Canadian Recovery Benefit] may have pushed some workers back into employment though alone this will not be sufficient to address the significant labour shortages affecting several industries,” writes economist Liam Daly.

RBC economist Nathan Janzen wrote that despite the surge in employment there were still “exceptionally low” levels of workers in the service sectors.

“Employment in accommodation & food services edged up 5k from October but is still more than 200k below pre-shock levels,” Janzen wrote. “Travel and hospitality spending has been rebounding, but with the unemployment rate now substantially lower, it is increasingly clear that there are not enough remaining unemployed workers out there to re-fill all of those jobs any time soon.”

Discover if You’re Eligible for Canadian Immigration

© CIC News All Rights Reserved. Visit CanadaVisa.com to discover your Canadian immigration options.

Adblock test (Why?)



Source link

Continue Reading

Business

Bitcoin plunges overnight – CTV News

Published

 on


Bitcoin prices plummeted overnight to a low of about US$43,000.

As of 10:30 am EST Saturday, the cryptocurrency had dropped more than 13 per cent in the previous 24 hours, from US$56,294 to US$48,309 — a loss of almost US$8,000.

That’s a stark contrast from its all-time high of just last month, when Bitcoin reached almost US$69,000 on November 9.

It’s a slight rebound from a plunge of more than 17 per cent earlier in the day.

Ether, the second most popular cyrptocurrency, fell almost 10 per cent.

The drop for bitcoin follows a volatile week for financial markets. Global equities and benchmark U.S. bond yields tumbled on Friday after data showed US job growth slowed in November and the Omicron variant of the coronavirus kept investors on edge.

Data from another platform, Coinglass, showed that nearly US$1 billion worth of cryptocurrencies had been liquidated over the past 24 hours, with the bulk being on digital exchange Bitfinex.

Adblock test (Why?)



Source link

Continue Reading

Trending