Tim Horton's opening in Times Square
Tim Horton's opening in Times Square
Interesting. Also, news from yesterday:
Tim Hortons Returns Officially To Canuck Roots: Will Ditch U.S. Parent
Monday June 29, 2009
The Canadian Press
Coffee giant Tim Hortons Inc. (TSX:THI) is returning its home base to Canada with a plan to reorganize and convert to a Canadian-based corporation.
The popular coffee house chain is currently owned by a U.S.-based parent company after its spinoff from U.S.-based burger giant Wendy's in 2007. Tims says the reorganization will save money due to Canada's lower tax rates and make international expansion easier.
The move will create a Canadian subsidiary with which Tims will merge, creating a company incorporated under the Canada Business Corporations Act.
Tim Hortons shareholders will hold the same amount of stock as before, and the company will continue to operate under the Tim Hortons name with stock listings on the TSX and the New York Stock Exchange. The chain has struggled to boost sales in the United States despite thriving in Canada.
- cats are OK - purrr
- dogs are OK - wooof
Is there anything tax cuts can't do?
More delicious tax revenue.
Member since February 10, 2002
It can join all those TD Banks in NYC now.
TD Bank and Tim Hortons in NY? Wow Canada is taking over LOL
Swiss Chalet and Harvey's next?
I'd rather Harvey's start opening some new stores here to replace all the ones that disappeared in the past few years.
NY Times post:
Let the Doughnut Wars Begin
Will New Yorkers prefer Timbits over Munchkins? That taste test will begin this weekend when about a dozen Dunkin’ Donuts stores in the city will be transformed into the first local outlets of Tim Hortons, the king of doughnut sellers in Canada.
The Riese Organization, the company that first visited the urban food court upon Manhattan, is dropping its affiliation with Dunkin’ Donuts with the hope that it can make more money with a chain named after a dead hockey player. Mr. Horton, a six-time all-star in the National Hockey League, opened a doughnut-and-coffee shop in Ontario 45 years ago. He died in a car crash 10 years later, but the chain grew on.
It now has more than 3,400 locations, including more than 500 in the United States, and its signature bite-size treats — Timbits — come in 35 varieties, including lemon-filled and sour cream glazed.
Of course, the competition will be fierce. Dunkin’ Donuts, home of the Munchkin, has at least 500 locations in the New York City area alone, said Dennis Riese, chief executive of the Riese Organization. There are 427 within 10 miles of Times Square, according to the Dunkin’ Donuts Web site. The nearest Tim Hortons is in Meriden, Conn., according to a spokesman for Riese.
That will change at 6 a.m. Monday, when commuters will be surprised to find that their usual stop for coffee and breakfast has a new name, look and menu, Mr. Riese said. He said he decided to convert 13 stores in the city, including one in Pennsylvania Station, because he hopes the broader menu of Tim Hortons will attract more customers for lunch and dinner.
Each of the restaurants has a kitchen, even though the doughnuts were made at a central commissary in Long Island City, Queens, Mr. Riese said. All of the food at the Tim Hortons, including the doughnuts, will be made on the premises, he said.
The high cost of rent in Manhattan made it impossible to earn an acceptable profit from Dunkin’ Donuts, Mr. Riese said. “Dunkin’ is a great concept for a customer and a consumer,” he said, but added that “I can’t make money with them.”
Mr. Riese admitted that it will be a challenge to sell an unfamiliar chain to New Yorkers, though he said he had already done it with Godfather’s Pizza shops. He said he was betting that Tim Hortons would have more staying power than Godfather’s or Krispy Kreme, the southern doughnut chain that stormed into New York at the start of this decade but has retreated, leaving just two locations near Penn Station.
What an amazing article, they actually used the word 'doughnut' instead of the usual American version 'donut'.
Doughnut is still commonly used in the US. It's considered to be more traditional and formal than 'donut', and is certainly not considered to be non-American.
It doesn't sound like this franchisee is to be trusted. Let's hope Tim Hortons forced them to clean up their act.
Last edited by yin_yang; 2009-Jul-10 at 03:21.