Shares of struggling Canadian cannabis grower Hexo (NASDAQ: HEXO) plunged after the company reported its earnings results from the fiscal second quarter of 2022 today. After an initial drop of nearly 10% early Friday morning, the stock staged a bit of a recovery. Hexo reported a net loss of the equivalent of about $550 million, compared to a loss of less than $20 million in the comparable year-ago quarter. Read More...
Reuters
Burger King says Russia franchisee ‘refused’ to shutter restaurants
NEW YORK (Reuters) -Burger King’s parent company said on Thursday it has not been able to close its 800 restaurants in Russia because its independent operator there “refused” to do so. Restaurant Brands International Inc said that to enforce its contracts with the franchisee, Alexander Kolobov, it would need the help of the Russian government, but “we know that will not practically happen anytime soon,” according to a letter to employees from David Shear, president, international, of the company. Shear’s long letter highlights the many complications bedeviling some American fast-food brands as they try to halt operations in Russia following Moscow’s invasion of Ukraine.
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