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COURTESY WIKIMEDIA COMMONS
NEW YORK >> The parent company of Burger King and Tim Hortons is buying Popeyes for $1.8 billion, with plans to accelerate the growth of the fried chicken chain.
Such a move fits Restaurant Brands International’s strategy of taking over well-known fast-food chains that it believes have the potential for wider expansion. While Popeyes has a presence in almost every state, its locations now are concentrated in the eastern half of the mainland.
Josh Kobza, Restaurant Brands’ chief financial officer, said Tuesday the company plans to speed up Popeyes’ expansion, as it has done with Burger King.
Restaurant Brands International Inc., based in suburban Toronto, has more than 20,000 locations globally, and Popeyes would give it about 2,600 more.
By comparison, McDonald’s Corp. had more than 36,800 locations around the world at the end of 2016. Yum Brands, which owns KFC, Pizza Hut and Taco Bell, has more than 43,600.
Wells Fargo fires 4 senior managers
NEW YORK >> Wells Fargo’s board of directors said Tuesday it is firing four senior managers as part of its investigation into the bank’s sales practices scandal. The board also voted to deny any 2016 bonuses to the executives, and any unvested stock and stock options were forfeited.
The San Francisco-based bank has been under fire since it was discovered that, in order to meet lofty sales goals, employees opened up to 2 million bank and credit card accounts without customer authorization.
United, American selling cheaper fares
DALLAS >> United Airlines and American Airlines are selling new, cheaper “basic economy” fares on flights to and from a few big airports.
The cut-rate fares come with restrictions. Buyers can’t pick a seat when they buy the ticket, they’re in the last group to board, and wheeled carry-on bags won’t be allowed on the plane; you’ll have to pay an extra fee to check them.
The savings over a regular economy ticket appear to range from about $24 to $40 for a round-trip ticket on American and United.
UPS testing drones in rural areas
UPS says its latest flying test shows the potential for using drones to make deliveries in rural areas.
United Parcel Service said Tuesday that a drone, launched from a specially outfitted truck, made a delivery and returned to the truck during a test this week in Florida.
UPS has tested drones for emergency deliveries such as medicine. In the latest test the drone made one delivery while the driver made another in the truck.
ON THE MOVE
Coldwell Banker Pacific Properties has announced that Jonathan S. Henson is the firm’s new independent agent for its Leeward office. Prior to joining the residential real estate brokerage company, Henson served as an assistant store manager at Samsonite.
Hawaii State Federal Credit Union has promoted the following employees:
>> James R. Haid has been promoted to vice president of corporate development from director. Prior to joining the credit union, Haid led the marketing and credit union business development at Hawaii USA Federal Credit Union and Aloha Pacific Federal Credit Union.
>> Allison Maertens has been promoted to vice president of marketing from director. Prior to joining the credit union, Maertens was a marketing manager at Mobi PCS in Hawaii and Roberts Hawaii.
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