19:29:03 EDT Wed 15 May 2024
Enter Symbol
or Name
USA
CA



Restaurant Brands International Inc
Symbol QSR
Shares Issued 312,053,062
Close 2024-01-16 C$ 102.33
Market Cap C$ 31,932,389,834
Recent Sedar Documents

Globe says RBI bids $1B (U.S.) for Burger King outlets

2024-01-17 08:00 ET - In the News

The Globe and Mail reports in its Wednesday edition that Restaurant Brands International is buying its largest U.S. Burger King franchisee in a $1-billion (U.S.) deal intended to accelerate RBI's turnaround plan. The Globe's Susan Krashinsky writes that RBI announced on Tuesday that it had agreed to acquire Carrols Restaurant Group, a publicly traded company that operates 1,022 Burger King locations in the U.S., mostly in the Northeast. Carrols is also a franchisee for 60 locations in RBI's Popeyes chain. Some large Burger King franchisees have been struggling. Over the past year, three major operators filed for bankruptcy protection in the U.S. Others closed outlets as operators faced weak sales and profits, further dampened by inflation and rising labour costs. RBI is spending a similar amount on the Carrols locations as it did to acquire the Firehouse Subs chain in 2021. The deal represents a strategic shift for RBI's business, going from operating 175 corporate-owned restaurants in the U.S. to roughly 1,200. The Carrols business represents roughly 15 per cent of Burger King restaurants in the U.S. The company plans to more than double the current pace of remodelling over the next five years for those outlets.

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