The closures follow California bumping the minimum wage for fast food workers up to $20 per hour.
Burger joint Shake Shack will soon shutter operations at nine locations throughout the U.S., including six in California , according to a filing with the Securities and Exchange Commission.
The filing identified “changes in the trade area,” causing its lesser-performing locations to negatively impact its other nearby restaurants. The nine locations, it said, "are not projected to provide acceptable returns in the foreseeable future.” “Management in these Shacks will be offered a position in neighboring Shacks and hourly team members will be eligible for rehire at other Shacks, and hourly team members will receive up to 60 days pay,” the filing reads.
Shake Shack confirmed to The National Desk Thursday the California closures will impact locations in Oakland, Bunker Hill, Downtown Culver City, Koreatown, Silverlake and Westfield Topanga. The additional closures will occur in Texas and Ohio.“Shake Shack is in a period of considerable growth with a plan to open 40 new company-owned Shacks and 40 more licensed Shacks this year,” Lynch said. “We’re committed to sustainable growth and providing the best possible experience for our guests.
California Closures Minimum Wage Locations Growth SEC Filing Management
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Shake Shack’s first drive-thru in California will open Aug. 15 in TorranceThe two-lane drive-thru is near the 405 Freeway in the South Bay city.
Read more »
Shake Shack's first California drive-thru to open in TorranceA dollar from every sandwich sold on opening day will be donated to a South Bay food bank.
Read more »
Here’s why Shake Shack stock is up 14% in AugustShake Shack stock jumped 7% Tuesday and is up 14% in August.
Read more »
Stocks making the biggest moves premarket: Hershey, Meta Platforms, Arm Holdings, Shake Shack and moreThese are the stocks posting the largest moves in premarket trading.
Read more »
Jim Cramer looks at Arm's disaster, Shake Shack's triumph, and 3 other stock moversJim Cramer's daily rapid fire looks at stocks in the news outside the CNBC Investing Club portfolio.
Read more »
Stocks making the biggest moves midday: Shake Shack, C.H. Robinson, Mobileye Global and moreThese are the stocks posting the largest moves in midday trading.
Read more »