Record-breaking sales at Chili's might spook the competition, but not so for rival Applebee's. CEO John Peyton says it’s proof that casual dining is hotter than ever. Nevertheless, Chili’s recently reported a 31.6% increase in same-store sales while Applebee’s has posted eight straight quarters of declines (though its same-store sales turned positive in March and April).
DoorDash is flexing its muscles with a game-changing double acquisition, swooping in for both Deliveroo and SevenRooms in a bold bid to rule the global foodservice world, both on and off-premise. The delivery giant has an agreement to acquire U.K.-based delivery service Deliveroo for $3.9 billion and plans to scoop up reservations platform SevenRooms for $1.2 billion.
Marc Lore’s food hall-delivery startup Wonder just raised another $600 million to turbocharge its expansion plans. The infusion brings Wonder’s total funding to more than $2 billion and the company is now valued at more than $7 billion, according to reports. Wonder said it will use the cash to speed up new openings of brick-and-mortar stores.
McDonald’s customers are apparently not that excited about Krispy Kreme doughnuts. The sweet treat purveyor is putting the brakes on its expansion plan with the burger giant. The news prompted a plunge in Krispy Kreme’s stock. The chain’s doughnuts are currently available at 2,400 McDonald’s restaurants. But the company said it doesn’t plan to add any more restaurants this quarter.
On the Border's journey through bankruptcy is ending. Pappas Restaurants, parent of Pappasito’s Cantina, won the 80-unit Tex-Mex chain in an auction. Pappas had previously fronted $10 million in financing to On the Border and its bid set the minimum asking price for the casual-dining chain.
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