Wendy’s gets the GameStop treatment
The Memes Traders are back, and this time they go for “Wendys [sic] Chicken tendies. Wendy’s stock prices jumped up up around 26% on Tuesday June 8 after an article on the r / WallStreetBets subreddit argued in the name of the stock.
After the surge, a spokesperson for Wendy’s commented Yahoo finance, “We are aware of the unusual business activity this morning and are monitoring closely.”
Chillznday user posted that Wendy’s was “literally the perfect stock for this sub,” highlighting Wendy’s social media presence, her high-profile news Summer salad, his Twitter relationship with GameStop, and (“well this one is obvious”) the Chicken offers as reasons the company was a good fit for the subreddit.
Wendy’s purchase was accompanied by price inflation for health insurance tech startup by subreddit Health Clover Since Tuesday, Wendy’s stock has normalized, although it remains 5% above Monday’s price.
CNBC’s Jim Cramer commented that this purchase marks a departure for the subreddit community, saying, “Now they’re spreading their wings, even in an institutional favorite like Wendy’s with a very low short position.”
For other restaurants, this increase could indicate an opportunity to attract the memes crowd, as part of the quick service restaurant’s (QSR) savvy social media presence has won the favor of the reddit community. . However, unsuccessful attempts to keep up with internet trends can lead to mockery, and the behavior of these online communities is generally, by design, unpredictable. Most certainly, Wendy’s meme-ing is a reminder of the power online communities can have over commerce and the need to keep a finger on the pulse of the digital discourse surrounding a brand.
Starbucks hit by supply chain shortages
One of the reasons customers can buy their coffee at Starbucks rather than in a small local store, is that in a large chain you usually know what you’re going to get. Now, an unwanted element of unpredictability is creeping into the Starbucks experience. Shortages in the supply chain cause items to disappear from chain locations, The Wall Street Journal reports.
Items that have disappeared in some places include cup caps, cake lollipops, and mocha syrup. Oat milk has been removed from the company’s app and menus at many Starbucks stores while stores wait for supply to be replenished.
According to Foodbeast, customers initially learned of the shortages from TikTok videos posted by employees. Such video noted shortages of items including (“but not limited to”) vanilla, caramel, chai, a number of fruit flavors, straws, mug sleeves and more.
Starbucks then sent a notification to users of its mobile app: âWe’re sorry for the inconvenience. Due to current supply chain shortages, some of your favorites may be out of stock. Feel free to browse the menu for different options or ask your barista for a recommendation.
NYC Delivery Services Charged With Violating Fee Cap Laws
In May 2020, the New York City Council voted to cap charges for third-party meal delivery services, limiting delivery charges to 15% and additional charges to 5%. Now a complaint filed against Grubhub, DoorDash, Uber eats, Postmates and Seamless alleges services violated fee cap, imposing fees above 20 percent, reports Law360.
âDespite the passage of theâ¦ Delivery App. Legislation and delivery application changed. Legislation â, filing with the district court States“The defendants continued their previous practices of bleeding New York City restaurants dry while raising millions of dollars at their own expense in blatant disregard of New York City laws.”
The costume comes from Micheli & Shel LLC, owners of the Michaeli Bakery on the Lower East Side of Manhattan. The bakery site is currently announcing delivery through all of the accused in the lawsuit, except Seamless. In the lawsuit, bakery owners accused delivery services of charging the bakery additional fees exceeding the 5% cap and “fraudulently inflating[ing] their credit card processing fees, âamong other alleged violations.
“The claims in this lawsuit are entirely false,” a DoorDash spokeswoman said in an email to Catering company. “DoorDash has complied with price controls in New York.”
A spokesperson for Grubhub told the outlet: “We look forward to responding to these baseless allegations.”
Lawmakers propose to allocate an additional $ 60 billion in aid to restaurants
A bipartisan bill introduced by Democratic Sen. Kyrsten Sinema and Republican Senator Roger Wicker would add $ 60 billion to the Restaurant Revitalization Fund (RRF), after the funds requested greatly exceeded the amount initially allocated. Sinema ad the bill Thursday (June 10), adding that a bipartisan congressional pair are presenting a complementary bill to the House of Representatives.
“The Restaurant Revitalization Fund has provided a lifeline for small independent American restaurants,” Wicker said in a declaration. âOur restaurants are now starting to recover from a year of lost income, but many establishments are still suffering and have not been able to access the aid to which they are eligible. Replenishing this fund would help restaurants, their staff and the entire food supply chain as they continue to recover. “
This proposed addition comes after claims close earlier than expected, following the announcement in mid-May that the request for relief was already more than double what the $ 28.6 billion fund could accommodate, just nine days after the opening of applications.