Word: chained
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...with more than 30,000 locations in 118 countries. Those nations, however, are about to have their ranks reduced by one: the Golden Arches are pulling up stakes in Iceland this week, and Icelanders pining for a Big Mac and large fries will soon be going hungry. The global chain says it is shuttering its three stores in the capital, Reykjavik, citing the collapse of the local economy and the high cost of imports. The closures aren't a first for the company: McDonald's has pulled out of Bolivia, Jamaica and a handful of other countries due to poor...
...Unfamiliarity with Chinese cuisine will be the biggest challenge for P.F. Chang's, the largest Chinese restaurant chain in the U.S., as it heads south of the border. Up until the financial crisis, the $1.2 billion company had a fantastically successful run at convincing Americans to pay upmarket prices for a version of Chinese food designed for American taste buds. But with business slowing down in the U.S. due to the recession and pressure from investors to increase sales, the company is now embarking on an expansion plan to sell its flavor of Chinese fare in several emerging markets. Over...
...House franchisee Paul Fleming (his initials make up the P.F.) founded P.F. Chang's China Bistro in Scottsdale, Ariz., with the help of Chinese-American consultant Philip Chiang (Chang was derived from Chiang). An alternative to Chinese food-court fare and high-priced formal dining, Fleming's casual-dining chain of bistros soon became a comfortable, go-to place for happy hours, family outings and birthday dinners. You'll find many of them in unexpected places, like Alpharetta, Ga., and Rogers, Ark. Most of the time, there's nary an Asian face in the room, but the point was never...
...prime locations, has resonated well with customers and investors since the company went public in 1998. There are now 194 bistros in 39 U.S. states, along with 164 outlets of its more casual line of restaurants, Pei Wei Asian Diner, which launched in 2000. But as with many restaurant chains, the recession slowed the pace of expansion after consumers started ordering cheaper dishes and cooking for themselves at home. The stock fell to an eight-year low of $15 in November 2008 (it has since rebounded to roughly $30), and in the first three quarters of this year, revenue...
...this year plunged 60% to $42 million from $115 million in the comparable period of 2008; sales in the same period were down 11% to just under $1.3 billion. The company has responded by putting in place a restructuring plan that mainly targets operating efficiency in its supply chain. Many financial analysts are lukewarm about the company's prospects because of the weak consumer-spending climate and the tough competition. "Benetton remains under pressure from multiple angles" is how Citigroup phrased it in a research note earlier this year that is typical of Wall Street sentiment. Alessandro in turn...