Welcome to our dedicated page for Carrols Restaurant Group news (Ticker: TAST), a resource for investors and traders seeking the latest updates and insights on Carrols Restaurant Group stock.
Carrols Restaurant Group, Inc. (NASDAQ: TAST) stands as one of the largest restaurant franchisees in the United States, with its headquarters located in Syracuse, New York. The company prides itself on owning and operating over 1,022 Burger King® restaurants across 23 states, alongside 60 Popeyes® restaurants in six states. Carrols' impressive portfolio generates approximately $1.8 billion in system sales annually, demonstrating its significant presence in the quick-service restaurant industry.
Established in 1976, Carrols’ core business revolves around providing outstanding service and quality food through its fast-food outlets. The company attributes its success to its dedicated workforce of over 24,000 employees, all committed to its mission-focused approach. Carrols fosters a unique ownership-based culture that rewards performance and encourages longevity, positioning its management teams for exceptional career advancement through comprehensive training.
Recently, Carrols has been in the news for its acquisition by Restaurant Brands International Inc. (NYSE: QSR). This strategic move, valued at approximately $1.0 billion, aims to accelerate growth and enhance profitability under Burger King’s “Reclaim the Flame” plan. This includes a significant investment of $500 million to remodel 600 Carrols restaurants over the next five years, ensuring they meet modern standards and improving the overall guest experience.
Carrols’ ability to operate efficiently and profitably has made it a valuable asset within RBI’s portfolio, which includes iconic quick-service brands such as Tim Hortons®, Burger King®, Popeyes®, and Firehouse Subs®. The acquisition is expected to bring about exciting development opportunities for Carrols employees and franchisees, aligning with RBI’s goal of improving sustainable outcomes related to food, the planet, and communities.
For investors, Carrols represents a stable and growing entity within the competitive fast-food sector. The company's clear vision, strong operational performance, and strategic alignment with RBI's long-term objectives make it a noteworthy stock to consider. Keep up with the latest news and updates about Carrols Restaurant Group, Inc. for more insights into its evolving business landscape.
Restaurant Brands International (RBI) (TSX: QSR) (NYSE: QSR) has completed its acquisition of Carrols Restaurant Group (formerly NASDAQ: TAST) for $9.55 per share, totaling approximately $1 billion. The acquisition adds Carrols' 1,023 Burger King and 59 Popeyes restaurants to RBI's portfolio. RBI plans to invest $500 million in reimaging over 600 Carrols locations before refranchising most of them over the next seven years. Additionally, RBI amended its Credit Agreement, increasing the term loan B facility to $5.9 billion to finance the acquisition.
Carrols Restaurant Group, Inc. (TAST), the largest BURGER KING franchisee in the U.S., has announced a conference call to discuss its first quarter 2023 financial results on May 11, 2023, at 8:30 a.m. (ET). The financial results will be released at 7:00 a.m. (ET) the same day. The call will feature new President and CEO Deborah M. Derby, CFO Anthony E. Hull, and Controller Gretta Miles.
Carrols operates 1,019 BURGER KING restaurants across 23 states and 65 POPEYES restaurants in seven states, having been in operation since 1976 and 2019, respectively. Interested parties can join the call by dialing 201-493-6779, with a replay available until May 25, 2023. Webcast access is available on the company's Investor Relations website.
Carrols Restaurant Group, Inc. (Nasdaq: TAST) has appointed Deborah M. Derby as the new President and CEO, effective May 1, 2023. Ms. Derby succeeds Paulo A. Pena, who passed away on December 31, 2022, and Anthony Hull, the Interim CEO, who will continue as Vice President and CFO. Derby brings a wealth of experience, having served as a senior executive at Toys “R” Us and President of Horizon Group USA. The Board's Chairman, David Harris, expressed confidence in Derby's capabilities to drive the company's performance forward. Derby aims to collaborate with the Board and management to enhance financial and operational outcomes, targeting significant opportunities ahead for the company. Carrols operates as a key franchisee of BURGER KING® and POPEYES®, with a total of 1,084 restaurants across various states.
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