BURGER KING SELL-OUT: Burger King has sold us out and is moving to Canada for a favorable tax status. Um, I won’t be a Burger King customer going forward. There are other far more healthier offerings out there. Still, Burger King is facing a backlash and calls for a boycott. When will corporate greed end? The corporate tax rate in the U.S. is 35 percent and it’s 15 percent in Canada.
Here’s the interesting part: Obama-ally Warren Buffet should be feeling some heat from this deal as well. There are reports that his Berkshire Hathaway will provide $3 billion to help in financing the deal. Just imagine how much money his company stands to make from all this? People flooded the fast-food chain’s Facebook page on Monday threatening to boycott the fast food restaurant chain. One person even called on lawmakers to sponsor a bill that would shut down every Burger King restaurant on a military installation.
3G Capital, the majority owner of Burger King, will continue to own the majority of the shares of the new company on a pro forma basis, with the remainder held by existing shareholders of Tim Hortons and Burger King. 3G Capital and its affiliates have a demonstrated track record of managing international expansion of iconic brands around the globe. Within this new entity, Tim Hortons and Burger King would operate as standalone brands, while benefiting from shared corporate services, best practices and global scale and reach. A key driver of these discussions is the potential to leverage Burger King’s worldwide footprint and experience in global development to accelerate Tim Hortons growth in international markets. The new company would be the world’s third-largest quick service restaurant company, with approximately $22 billion in system sales and over 18,000 restaurants in 100 countries worldwide. Tim Hortons and Burger King each have strong franchisee networks and iconic brands that are loved by their respective consumers. Any transaction will be structured to preserve these relationships and deepen the connections each brand has with its guests, franchisees, employees and communities. Source: Yahoo News
A petition against Burger King was started on Monday on MoveOn.org’s website. Sen. Sherrod Brown (D-Ohio) urged customers to ditch Burger King and eat at Wendy’s or White Castle instead. He said in a statement: “Burger King’s decision to abandon the United States means consumers should turn to Wendy’s Old Fashioned Hamburgers or White Castle sliders.” “Burger King has always said ‘Have it Your Way’; well my way is to support two Ohio companies that haven’t abandoned their country or customers.”