Business Briefs: Krystal marks 85 years with 50-cent hamburgers today

Business Briefs: Krystal marks 85 years with 50-cent hamburgers today

October 11th, 2017 by Staff and Wire Reports in Business Around the Region

The Krystal restaurant on Cherokee Boulevard in North Chattanooga is one of the Krystal outlets now open around the clock.

Photo by Dave Flessner /Times Free Press.

Krystal marks 85 years with 50-cent hamburgers

Krystal is celebrating its 85th birthday today by offering its signature small, square, steamy Krystal burger for only 50 cents. Krystal is offering the discounted hamburgers today at all of its 360 locations.

"We could think of no better way to say thank you to our guests for 85 years than giving them more of the fan favorite burger that's made us one of the longest-standing burger brands in the South," said Jason Abelktop, Krystal's chief marketing officer. "Big milestones deserve big celebrations."

In partnership with Coca-Cola Zero Sugar, Krystal also is launching today a seven-week-long celebration that will award some lucky buyer of a Coke Zero drink $1 million. Each Coke Zero Sugar-branded cup will contain a code that can be redeemed online for one of many sweepstakes prizes, including the chance to win $1 million.

In 1932, the first Krystal opened on Cherry Street in downtown Chattanooga. The company moved its headquarters to Atlanta in 2012.

 

P&G shareholders reject seat for Nelson Peltz

Initial voting results show Procter & Gamble successfully fending off an attempt by activist investor Nelson Peltz to capture a seat on its board, though he did not immediately concede, saying it was too close.

"We are encouraged that shareholders recognize P&G is a profoundly different, much stronger, more profitable company than just a few years ago," the company said.

Peltz's Trian Fund Management, which owns about $3.5 billion in P&G shares, said after the vote that it would await certified results, which appeared to have been decided by a razor-thin margin.

Almost 40 percent of P&G shareholders are small investors, and the final result appeared to pit them against institutional investors that backed Peltz.

Trian said that P&G has underperformed its peers for a decade. But Procter & Gamble Co. said that since David Taylor was named CEO two years ago, the company has been moving in the right direction, and that giving Peltz a seat would disrupt the work that he is doing.

 

Sears Canada seeks OK to liquidate stores

Sears Canada Inc. is seeking court approval to liquidate its roughly 130 remaining stores. That would leave about 12,000 employees without a job.

The embattled retailer has been operating under the Companies' Creditors Arrangement Act since June. It said Tuesday that it had failed to find a buyer that would allow it to continue.

The court overseeing Sears Canada's operations is expected to hear a motion Friday seeking approval for the liquidation and wind-down of the business.

Sears last week received a revised bid from a buyer group led by its executive chairman, Brandon Stranzl, to buy the business.

A lawyer for Sears Canada's court-appointed monitor told the court it would consider the bid, but the company was running out of money and time.

 

Honeywell spins off homes, ADI business

Honeywell is spinning off businesses with annualized sales of more than $7 billion, but holding on to its lucrative aerospace division.

Becoming two separate and publicly traded companies, Honeywell said Tuesday, are its homes product portfolio and ADI global distribution business, along with its transportation systems business.

Activist investors, most notably Dan Loeb's Third Point, pushed Honeywell to spin off its aerospace division last April. Honeywell said that it reviewed those proposals, but ultimately decided it would be better for the company to hold on to its defense business.

In a conference call Tuesday, Honeywell CEO Darius Adamczyk said that the aerospace is poised for growth.

Global tensions are on the rise due to conflicts in the Middle East and a potential conflict with North Korea.

Shares of Honeywell are up 24 percent this year, and they trail by a wide margin shares of other defense companies like Rockwell Collins, Boeing and Raytheon.

"I am thrilled by what we have in aerospace," Adamczyk said. "It's a great player and it's going to continue to win the marketplace."

The homes and global distribution business will include home heating, ventilation and air conditioning controls and security markets and security and fire protection products. It will have about 13,000 employees. The transportation systems business will serve a range of engine types across global automobile, truck and other vehicle markets. It will have about 6,500 workers.

Honeywell International Inc., based in New Jersey, expects the restructuring will be completed by the end of next year.