Thread: News Miscellany
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Old 07-27-2017, 04:14 PM
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Default Re: News Miscellany

Shocker! Hack business journalist lets business owner make false claims about minimum wage:

Zane Tankel is a franchise owner of Applebee's in the state of New York. He's blaming having to let workers go due to the minimum wage (and Obama!).

More Minimum Wage Misdirection, Stuart Varney Edition - The Big Picture

Quote:
VARNEY: You dropped 500 people?
TANKEL: Yes, sir. Yes, sir. About 15 percent of our total labor force.
VARNEY: Is that directly because of minimum wage?
TANKEL: 100 percent. 100 percent. Obama had a little bit of it, but 100 percent minimum wage.
Except, Applebee's as a brand has been losing sales year over year, even worse that other casual dining chains.

Quote:
Applebee’s domestic same-restaurant sales declined 5.0% in 2016. While this performance should be assessed in the context that 2016 was the worst year in terms of sales growth for both the overall restaurant industry and the casual dining segment of the restaurant industry since 2009, Applebee’s 2016 performance with respect to domestic same-restaurant sales and customer traffic was differentially worse than that of the overall casual dining segment, based on data from Black Box Intelligence, a restaurant sales reporting firm (“Black Box”). The decline in Applebee’s domestic same-restaurant sales had an adverse impact on our 2016 franchise revenues, gross profit and net income.
(emphasis from the article)

Even if minimum wage is a reason why he fired 15% of his staff, it's not 100% the only reason - he wouldn't be laying people off if sales were going up.

I can't sum it up better:

Quote:
Shame on you for using the minimum wage as a pretext for letting workers go when the real culprits are a drastically changing landscape and apparent mismanagement.
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