CHICAGO >> Americans will be able to buy McDonald’s breakfast throughout the day and night starting today.
You want pancakes for dinner? Done. Afternoon Egg McMuffin? Nothing can stop you now.
While all-day breakfast was available early in some locations, its long-awaited official rollout nationwide is intended to help boost sales for the slumping fast-food giant. Approved by franchisee leadership last month, the move is perhaps the highest-profile component yet revealed of CEO Steve Easterbrook’s plan to reinvigorate the Chicago-area company.
Time will tell whether the hype translates into significant improvement in sales or profits for the Golden Arches, which has struggled in recent years as more consumers opt for fast-casual options like Chipotle and Panera Bread.
But there’s this: Americans’ appetite for quick breakfast foods is growing, according to research.
Year-over-year, breakfast visits grew by 5 percent in the 12 months that ended in June, according to a study released Monday by market research firm NPD Group. By comparison, lunch visits were up 1 percent, and dinner visits were flat.
With all-day breakfast served at more than 14,000 McDonald’s restaurants in the U.S., some industry experts have said the increased demand of the nation’s egg supply, already constrained by the devastating avian influenza outbreak earlier this year, could lead to increased egg prices at the grocery store.
But for those consumers who’ve been asking for all-day breakfast for years, today bears only tidings of great joy and some extra calories.
American Apparel files for bankruptcy
NEW YORK >> American Apparel has filed for Chapter 11 bankruptcy protection almost a year after ousting founder Dov Charney, who is now locked in a contentious legal fight with the retailer.
American Apparel cautioned in August that it didn’t have enough financing to keep operating for the next year and that investors could suffer big losses on their investments.
American Apparel has lost money every year since 2010, with revenue wilting as competition from fast-fashion retailers has increased. The company is being sued by ex-CEO Charney, who was fired in December following allegations that he had violated its sexual harassment policy. Charney denies those charges.
World Bank cuts East Asia growth forecasts
HONG KONG >> The World Bank on Monday trimmed its growth forecast for developing East Asian economies, reflecting risks from China’s slowdown and a looming U.S. interest rate hike.
The bank said it expects developing Asian and Pacific economies to grow 6.5 percent this year, down 0.2 percentage points from its previous outlook. It forecast growth of 6.4 percent next year, down 0.3 percentage point from its previous outlook.
Economic output of the 14-country region that includes China, India, Indonesia and Vietnam expanded by 6.8 percent last year. The forecast excludes Japan and South Korea.
Since the forecast in April, “greater uncertainty about the global economy has weighed on the performance and prospects of developing East Asia and Pacific,” the Washington-based lender said in a report.
It cited Beijing’s effort to steer the world’s second-largest economy to slower, more sustainable growth and a widely expected U.S. interest rate increase from ultralow levels in place since the 2008 global crisis.
General Mills recalls 1.8M Cheerios boxes
NEW YORK >> General Mills is recalling 1.8 million boxes of Cheerios and Honey Nut Cheerios produced at a plant in Lodi, Calif., saying the cereal is labeled gluten-free but actually contains wheat.
The recall affects Cheerios and Honey Nut Cheerios that were made in July. The Minneapolis company said Monday wheat flour was inadvertently used in a gluten-free oat flour system. The use of wheat flour means the cereals are not gluten-free, and people with conditions like wheat allergies or celiac disease who consume them might suffer an allergic reaction or discomfort.
The cereal boxes have “better if used by” dates of July 2016 and the plant code “LD.”
The recall comes shortly after General Mills launched gluten-free Cheerios. Earlier this year the company said it found a way to remove small amounts of wheat, rye and barley that are unintentionally added to oat supplies when the oats are being grown or transported. It started shipping gluten-free Cheerios in five flavors in July.
ON THE MOVE
Servco Pacific has named Michael Nolan as executive vice president of finance. He will lead the company’s global finance function, including tax, treasury, accounting and internal audit areas. Nolan will also be in Servco’s corporate offices in Mapunapuna. He was previously a chief financial officer and treasurer of Albany Molecular Research.
The Ritz-Carlton Residences, Waikiki Beach, has announced the appointment of Douglas Chang as general manager of the property. He has 35 years of luxury hospitality experience, including serving as a general manager of The Ritz-Carlton, St. Louis, as well as The Ritz-Carlton Club and Residences at Kapalua Bay.
The East-West Center has hired Donald Sheehan as diplomat-in-residence. He is a 22-year veteran of the U.S. Foreign Service, specializing in political and military affairs, with experience including consular, economic, science and technology policy work in Poland, Tunisia, Belgium, Afghanistan and the United States. He was previously executive assistant to the acting assistant secretary of state for oceans and international environmental and scientific affairs and a senior political adviser to two major U.S. commands in Kabul, Afghanistan.