Here are your top FOX Business Flash headlines for March 25th.
Email leaked from file CEO of Applebee’s He caused a sensation when he told company officials that the rise Gasoline prices Inflation can be used to lower workers’ wages.
A copy of Wayne Bankkratz’s internal email was posted on Reddit and published by The Daily Mail.
Get your FOX business on the go by clicking here
Bankrates is the chief operating officer of American Franchise Capital, which owns 50 Applebee companies in the Midwest.
He allegedly told managers that employees and applicants were hurt economically, which he saw as an “advantage”.
An Applebee restaurant serves customers on August 10, 2017 in Chicago, Illinois. (Photo by Scott Olson/Getty Images)
“Most of our employee base and potential employee base live from paycheck to paycheck,” the email read. “Any increase in gas prices reduces their disposable income.”
High gas prices Spark struggles for food truck sellers: ‘You really have to roll the dice’
This week, the average price for a gallon of regular gas in Midwestern states was close to $4, while Los Angeles hit a record $6,011, according to AAA.
“With inflation continuing to rise and gas prices continuing to rise, this means that employees will need more hours to work to maintain their current standard of living.” Pankrantz claimed added.
In this illustration, the logo of American sandwich restaurant chain Applebee appears displayed on a smartphone. (Photo by Badrul Choukrot / SOPA Images / Sipa USA) Germany is useless. ((Photo by Badrul Shoukrut / SOPA Images / Sipa USA / Reuters Images)
He noted in the email that people need two jobs to survive and that the company needs to make sure it brings in new workers at lower wages.
INSTACART announces fuel price hike amid rising gas prices
Scott Fisher, a spokesman for American Franchise Capital, told the Kansas City Star that the email did not reflect the company’s position and Pankratz had no authority to make such changes.
“The main message here is that this does not in any way, shape or form, speak to our politics or our culture or anything like that with our brand,” he added.
| tape | protection | the last | they change | they change % |
|---|---|---|---|---|
| DI | Dynbrands Global Inc. | 75.03 | -1.89 | -2.46% |
Kevin Carroll, Applebee’s chief operating officer, also denounced Pankratz’s alleged statement and said the company does not embrace the AFC president’s views, according to the Daily Mail.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
“This is an individual’s opinion, not Appleby’s,” Carroll said in a statement. “We understand that the franchisor who owns and operates restaurants in this market has put the individual on furlough.”
“Infuriatingly humble analyst. Bacon maven. Proud food specialist. Certified reader. Avid writer. Zombie advocate. Incurable problem solver.”