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NEW YORK (AP) — Dunkin' doughnuts and coffee is being combined with Buffalo Wild Wings and Arby's sandwiches.Inspire Brands Inc. said Friday that it is acquiring Dunkin' Brands Group Inc. for .3 billion, including the Dunkin' Brands' debt that Inspire will be taking on.The private-equity firm will pay 6.50 in cash for all of Dunkin' Brands' shares, which closed Friday at .71.Dunkin' Brands' stock surged to an all-time high earlier this week after the company confirmed the two were in merger talks.Dunkin', based in Canton, Massachusetts, also owns the Baskin-Robbins ice cream chain."Dunkin' and Baskin-Robbins are category leaders with more than 70 years of rich heritage, and together they are two of the most iconic restaurant brands in the world," Paul Brown, Co-founder and Chief Executive Officer of Inspire Brands, said in the news release.There are 12,500 Dunkin' stores and 8,000 Baskin-Robbins outlets worldwide.Inspire will operate Dunkin' and Baskin-Robbins as distinct brands, the company stated.According to the New York Times, this is the largest restaurant acquisition in more than a decade. 1129
NEW YORK (AP) — Lord & Taylor is seeking bankruptcy protection, as is the owner of Men’s Wearhouse and Jos. A. Bank, lengthening the list of major retail chains that have faltered in the COVID-19 pandemic.Household retail names, many longtime anchors in malls nationwide, were already struggling to keep up with a radical reformation in what people buy, and where they buy it. Much of that activity has moved online.Thousands of store closures forced by the arrival of COVID-19 has proved too much.Lord & Taylor, which began as a Manhattan dry goods store in 1824, was sold to the French rental clothing company Le Tote Inc. last year. Both filed for bankruptcy protection, separately, in the Eastern Court of Virginia on Sunday. 745
NEW YORK (AP) — As employees of small businesses get their first September paychecks, they’re probably receiving their usual amount.Company owners are still withholding money for Social Security despite a presidential order allowing the tax to be deferred. The order President Donald Trump signed Aug. 8 allows employers to stop withholding the 6.2% tax from Sept. 1 through Dec. 31 and requires that it be paid between Jan. 1 and April 30 of next year. But business owners are wary, saying the plan opens up the possibility that companies might ultimately have to pay the tax if staffers leave. 603
NEW YORK (KGTV) -- An explosion in Queens, New York turned the sky an eerie shade of blue Thursday night. Video posted on social media shows the sky glowing a light blue color as an explosion could be seen off in the distance. WABC reported that the incident was caused by a transformer explosion at a power plant. Utility company Con Edison spokesman Bob McGee told the Associated Press what happened was an "arc flash" — somewhat like a bolt of lightning — after a malfunction in equipment that carries 138,000 volts of electricity 20 feet (6 meters) up in the air. He said the flash subsided on its own.The incident sparked a power outage at LaGuardia Airport, forcing the FAA to issue a ground stop. Watch video in the player below: Transformer fire in Queens? #firequeens New York pic.twitter.com/joRJ2OEckm— Jānis Lībeks (@JanisLibeks) December 28, 2018 867
Nissan is preparing to oust its chairman, Carlos Ghosn, after announcing the discovery of "significant acts of misconduct" over many years by him and another top executive."Nissan has been providing information to the Japanese Public Prosecutors Office and has been fully cooperating with their investigation," the Japanese carmaker said in a statement. "We will continue to do so."It said an investigation found that Ghosn and another board member had been under-reporting Ghosn's compensation."Numerous other significant acts of misconduct have been uncovered, such as personal use of company assets," Nissan (NSANY) added.CEO Hiroto Saikawa will propose to Nissan's board of directors to "promptly remove Ghosn from his positions as chairman and representative director," the company said.Shares in French automaker Renault (RNSDF), of which Ghosn is CEO, plunged as much as 13% in Paris. Nissan's announcement came after the close of trading in its shares in Tokyo. 977
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