Christa Hoyland reports at QSRWeb.com that Commercial lender CIT Group Inc. filed for bankruptcy Sunday to cut $10 billion in debt after a U.S. bailout and debt exchange offer failed this summer. CIT said operations will proceed as normal and it plans to exit bankruptcy next month, according to a story by Bloomberg.
Holly Sanders Ware and Josh Kosman report in the NY Post that Dunkin’ Brands is reaching out to angry franchisees they write: Dunkin’ Brands, accused of squeezing profits out of franchisees by suing them, is trying to make friends before it’s too late. Chief Executive Nigel Travis has been quietly meeting with angry franchise leaders in recent weeks, after a spate of unflattering reports about the doughnut chain’s litigious ways, sources with direct knowledge of the meetings saidTravis has told franchisees he is willing to take a fresh look at their contracts and would consider changes that give operators more say over their stores, sources said.
Frank Callis of Royston, LLC took a big risk while speaking to a group of franchisees at DDIFO’s member meeting in September. The theme of the meeting was cost-cutting and improving the bottom line, and while the speakers who preceded him stayed on point citing several short-term money saving examples, Frank took a different tact. He boldly suggested franchisees take a longer view of their cabinetry purchase and invest more upfront in Royston’s modular metal cabinetry.
On February 3-4, 2010 DDIFO Legislative Affairs Coordinator Rob Branca will be in Washington representing the DDIFO at the second annual CFA Day (Coalition of Franchisee Associations). “I’m really looking forward to getting together with other operators from other franchise systems and with our elected officials and their staffs to discuss important legislation,” said Branca. “It’s important that we bring our perspective to these folks and discuss how new laws and reforms will impact our businesses.”
Considering her personal and professional background, it is no wonder that Massachusetts State Representative Linda Dorcena Forry is a true friend and champion of small business owners. From her beginnings as the daughter of Haitian immigrants through her college career and into her decade-plus career in city and state government, Rep. Forry consistently has demonstrated a passion for education, community and public service.
At the recent DDIFO meeting in Worcester, MA, Washington D.C. lobbyist Rick Berman of Berman & Co. prompted considerable discussion about what steps owners can take to maintain a union-free shop. The well-known business lobbyist, that 60 Minutes reffered to as as “Dr. Evil,” outlined the progress unions are making in passing the so-called check card legislation in Congress. That legislation, if passed, would make it easier for unions to organize businesses, including restaurants, he said.
On October 21, President Barack Obama announced important new steps his Administration is taking to support small businesses. During his speech, the President referred to a few specific small business owners, including Dunkin’ Donuts franchise owner Andy Cabral who was in attendance along with several International Franchise Association (IFA) members and Maria Icaza, also a Dunkin’ franchise owner. Secretary of the Treasury Tim Geithner and Small Business Administration (SBA) Administrator Karen Mills flanked the President during the speech, which took place at Metropolitan Archives, a small family-operated records storage company in Landover, Maryland.
Who loses in the CIT bankruptcy? That’s easy: all of us taxpayers. And who triumphs? Private enterprise in the form of Carl Icahn. Gary Weiss writes in Portfolio.com So how was your weekend? I don’t know about you, but I woke up Monday morning poorer by $2.3 billion.
Chattanooga.com reports that Dunkin Donuts is back at its location across from Northgate Mall on Highway 153 with a wide pastry assortment and coffee selection. The grand opening and ribbon cutting at the Hixson location will be Nov. 11 at 1 p.m. and the Chattanooga Area Chamber of Commerce will make arrangements for the event. The new 1,800 square foot Dunkin Donuts at 5311 Highway 153 will have a drive-through window and will serve its famous coffee, all-day sandwiches, doughnuts and other baked goods.
The Boston Business Journal reports that CIT Group Inc. filed for bankruptcy protection Sunday after its board of directors approved of a plan to reorganize the giant small business lender. The plan has also been approved by CIT’s creditors. “The decision to proceed with our plan of reorganization will allow CIT to continue to provide funding to our small business and middle market customers, two sectors that remain vitally important to the U.S. economy,” Chief Executive Jeffrey Peek said in a statement.