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Message
Shake Shack returns entirety of PPP loan
Posted on 4/20/20 at 10:55 am
Posted on 4/20/20 at 10:55 am
LINK
quote:
Shake Shack returning entire $10 million PPP loan
The "PPP" came with no user manual and it was extremely confusing," said Danny Meyer, Shake Shack's founder and CEO of its parent company, Union Square Hospitality Group, and Shake Shack CEO Randy Garutti in the statement.
"Shake Shack was fortunate last Friday to be able to access the additional capital we needed to ensure our long term stability through an equity transaction in the public markets," they continued.
8
Posted on 4/20/20 at 10:56 am to TejasHorn
quote:
Shake Shack returning entire $10 million PPP loan
The "PPP" came with no user manual and it was extremely confusing," said Danny Meyer, Shake Shack's founder and CEO of its parent company, Union Square Hospitality Group, and Shake Shack CEO Randy Garutti in the statement.
"Shake Shack was fortunate last Friday to be able to access the additional capital we needed to ensure our long term stability through an equity transaction in the public markets," they continued.
He sounds like an idiot.
This post was edited on 4/20/20 at 10:57 am
Posted on 4/20/20 at 10:58 am to TejasHorn
quote:
Shake Shack returns entirety of PPP loan
Bad move.
That loan will soon be a grant.
Posted on 4/20/20 at 10:58 am to Mud_Till_May
quote:
He sounds like an idiot.
He's giving it back because he was able to keep his operation going without it. He's giving it back so that businesses that actually need it can use it.
Danny Meyer is far from an idiot.
Posted on 4/20/20 at 11:00 am to TejasHorn
PR move. They were taking some heat from taking the full $10M when they just raised ~$100M.
Posted on 4/20/20 at 11:01 am to Mud_Till_May
Danny Meyer is a great guy within the industry. Two of his restaurants in NYC are amongst my favorite places to eat. He briefly got rid of tipping in all his restaurants. It may still be in place but from things I saw on Twitter I don’t think the idea worked.
His book “Setting the Table” is a worth while read.
His book “Setting the Table” is a worth while read.
Posted on 4/20/20 at 11:01 am to Mud_Till_May
quote:
The "PPP" came with no user manual and it was extremely confusing," said Danny Meyer, Shake Shack's founder and CEO of its parent company, Union Square Hospitality Group,
I bet Sarbanes-Oxley looks like Latin to him then. When you wanna make middle management wonder about upper level competency... this is exactly how you do it.
Posted on 4/20/20 at 11:02 am to LigerFan
quote:
PR move. They were taking some heat from taking the full $10M when they just raised ~$100M.
Sure, but $10MM will go very far for a lot of other small businesses, so even if it is damage control/PR, it's still very helpful.
Compare that with Ruth's Chris.
Posted on 4/20/20 at 11:03 am to LigerFan
quote:
PR move. They were taking some heat from taking the full $10M when they just raised ~$100M.
Ahhh, the full story.
Posted on 4/20/20 at 11:03 am to LigerFan
quote:
PR move.
And a damn good one if they have enough cash to survive this.
Posted on 4/20/20 at 11:04 am to TejasHorn
Total PR move from a predatory corporation that helped empty the small business fund in a couple weeks.
Posted on 4/20/20 at 11:05 am to ProjectP2294
quote:
Compare that with Ruth's Chris.
At what point are they forced into the same play? IMO, its too late for them, 2nd place is the 1st loser as far as their reputation is concerned. I don't think it will damage their bottom line in the long run, Americans have extremely short memories
This post was edited on 4/20/20 at 11:07 am
Posted on 4/20/20 at 11:07 am to shawnlsu
quote:
At what point are they forced into the same play? IMO, its too late for them, 2nd place is the 1st loser.
I think if they hold onto it, they become forever villains to some people. If they give it back, however late, there is some redemption for them.
The fact that they furloughed everyone but management and are using the $20MM to pay themselves is what is really pissing people off.
Posted on 4/20/20 at 11:12 am to TejasHorn
If you don't need a loan, don't take it. If it was a grant or something, then he could have given it to his employees, but it was a loan. I don't understand calling the guy an idiot for making what was probably a smart and responsible choice.
This post was edited on 4/20/20 at 11:15 am
Posted on 4/20/20 at 11:13 am to LigerFan
quote:
PR move. They were taking some heat from taking the full $10M when they just raised ~$100M.
As a PR move, meh. Customers don't really care about that level of detail.
As a "being a good business" move, good for him/them. If they don't need it, it's the right thing to do.
Posted on 4/20/20 at 11:18 am to TejasHorn
Man, I wish I had one of those milk shakes.
Posted on 4/20/20 at 11:19 am to BigJim
Publicly traded companies shouldn't have been able to apply.
Posted on 4/20/20 at 11:20 am to GumboPot
quote:
Bad move.
That loan will soon be a grant
They were taking a huge PR hit. Ruth's Chris will likely have to do the same thing for the same reason
Posted on 4/20/20 at 11:23 am to TejasHorn
I thought these loans were to pay their employees. Does he still plan to keep his employees employed and pay them?
Posted on 4/20/20 at 11:28 am to broadhead
quote:
Publicly traded companies shouldn't have been able to apply.
Why?
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