Burrito, Big Mac prices in California to go up as pay rises: ‘Someone has to pay,' FAT Brands founder says [Yahoo! Finance]
FAT Brands Inc. - Class B (FATBB)
Company Research
Source: Yahoo! Finance
As businesses consider passing costs on to consumers, Fat Brands chairman Andy Wiederhorn stated "someone's got to pay" for the jump in wages. "The consumers who are voters must have known what they were getting into by promoting this legislation to raise the minimum wage from 15 to $20 and on its way to $25," he said on "The Big Money Show" Tuesday. "Everyone wants their employees to make more money, but it just costs. And someone's got to pay for it. And the restaurant operators don't have the margin for that. So prices are going to go up." INFLATION CAUSES RESTAURANT OWNER TO CHARGE NEARLY $16 FOR A SANDWICH, CALLS JUMP IN PRICES ‘INCREDIBLE' California passed legislation last fall that will require a $20 per hour minimum wage at all restaurants with at least 60 locations nationwide – though the law includes an exception for restaurants that make and sell their own bread. The increase is set to take effect on April 1, 2024. READ ON THE FOX BUSINESS APP Several major
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News
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- FAT Brands (FAT) Inks Deal to Expand Fazoli's Reach in Canada [Yahoo! Finance]Yahoo! Finance
- California food chains laying off workers ahead of new minimum wage law [FOX Business Network]FOX Business Network