The people at Burger King have said that they are going to spend $300 million remodeling their stores. The company that owns Burger King, Restaurant Brands International, said a little over a year ago that they would be starting to fix up more than a thousand shops with $250 million. Further, Burger King is planning to spend more than $100 million on its app and ads.
Carrols Restaurant Group was bought by the parent company for $1 billion to speed up the rebuilding process. On top of that, they are going to spend more than two billion dollars to bring the chain’s U.S. businesses back to life. The goal is for all of their restaurants to have the same current look by 2028.
CEO of Burger King U.S. Tom Curtis said, “It was the first time in a long time that RBI had put a lot of money back into the business to co-invest with franchisees.” “I think the plan was to check it out and see how it works. So far, remodels are going well.”
In the past year, Burger King has updated more than 100 shops, and the changes have led to more sales. As part of the renovations, Burger King is adding self-order booths and a drive-thru for mobile orders. Both of these are meant to get people to come back more often.
Curtis, the CEO, will be traveling all over the country to sell the remodeling plan to the companies and get them to agree to go along with it.
After the company revealed lower earnings than expected, the restaurant’s shares didn’t trade for as much as they did before the market opened. But the quarterly sales were higher than what Wall Street thought they would be.