Shake Shack
Added Apr 21, 2020
Shake Shack is a casual restaurant chain based in New York City. After its 2001 beginning in a shack in Central Park, and its popularity grew until it became the well-known burgers-and-shakes chain it is today.
Company Behavior Summary
- Despite having more than 6,000 employees, proactively applied for and took a $10M Paycheck Protection Program loan intended for small businesses as part of the CARES act.
- It should be noted that they returned the money after publicity regarding this loan went viral.
Sources
- https://www.forbes.com/sites/lisettevoytko/2020/04/20/shake-shack-returns-10-million-ppp-loan-amid-criticism-of-restaurant-chains-receiving-stimulus-funds/#49eff4065aec
- https://www.bloomberg.com/news/articles/2020-04-20/shake-shack-to-return-entire-10m-u-s-ppp-loan-after-uproar
- https://shakeshack.com
- https://en.wikipedia.org/wiki/Milkshake
- https://en.wikipedia.org/wiki/Shake_Shack#cite_note-3
- https://en.wikipedia.org/wiki/Madison_Square
- https://en.wikipedia.org/wiki/Fast_casual
- https://www.nyse.com/quote/XNYS:SHAK
- https://en.wikipedia.org/wiki/New_York_Stock_Exchange
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