Starbucks, Chipotle, McDonald's: Who's raising prices in California to pay higher wages [Los Angeles Times (CA)]
McDonald's Corporation (MCD)
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Source: Los Angeles Times
cost increase that big chains like Chipotle say they could pass along to consumers. During an earnings call in February, Chipotle's chief financial and administrative officer Jack Hartung warned, “To cover the cost of the wage increase, we would need to take a mid-single-digit price increase in California.” The law, Assembly Bill 1228, was signed by Gov. Gavin Newsom in September and takes effect Monday. It requires restaurants — corporate- and franchise-owned — with 60 establishments nationwide to bump their California-based workers' pay to $20 an hour, $4 higher than the overall state minimum wage of $16 an hour. Though Chipotle has not yet announced a final decision on new pricing, many other chains like McDonald's, Starbucks and Jack in the Box say they are also planning to push that increase onto consumers or change their operations. The law also called for the creation of a restaurant industry council to set future pay raises and advise on working conditions. Here are th
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MCD
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MCD
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- 4/23/24 - Form 4
- 4/18/24 - Form PX14A6G
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