Saving Investment – Mijas Guide http://mijasguide.com/ Fri, 28 May 2021 18:20:45 +0000 en-US hourly 1 https://wordpress.org/?v=5.7.2 http://mijasguide.com/wp-content/uploads/2021/05/mijas-guide-icon-150x150.png Saving Investment – Mijas Guide http://mijasguide.com/ 32 32 Is It Time To Pay Off Your Mortgage? – OutSmart Magazine http://mijasguide.com/is-it-time-to-pay-off-your-mortgage-outsmart-magazine/ http://mijasguide.com/is-it-time-to-pay-off-your-mortgage-outsmart-magazine/#respond Wed, 07 Apr 2021 23:16:32 +0000 http://mijasguide.com/is-it-time-to-pay-off-your-mortgage-outsmart-magazine/

IIt’s a great feeling to pay off debt, especially a large debt like your mortgage balance. Cleaning slate can have a number of great benefits: fewer monthly bills to pay, which means more money at the end of each month to be used for other needs and wants.

But should you use some of your savings to eliminate your mortgage, or rather use those funds to add to your investment and retirement savings portfolio?

The answer may depend on several important factors.

Allocate money for maximum benefit

There has been a long-standing debate between consumers and financial advisers about whether it is better to pay down debt or increase savings and investments. There really isn’t one clear answer that works for everyone in all areas.

For example, if your primary financial goal is to maximize wealth, adding more money to your investment or retirement portfolio may be the best alternative. Going this route can also help you keep a “cushion” for emergencies, as accessing money from a bank or brokerage account is usually much faster and easier than withdrawing money from. the equity in a property. (In fact, taking out a home equity loan will usually incur interest and closing costs ranging from 2% to 5% of the loan amount.)

But a mortgage payment can also eliminate one of the largest tax deductions available to homeowner consumers. In 2021, you can deduct interest charges up to a maximum of $ 750,000 of mortgage debt on your tax return. (However, this may require you to forgo the standard deduction of $ 12,400 as an individual filer, or $ 24,800 if you and your spouse are filing taxes jointly.)

On the other hand, paying off your mortgage could take a large monthly payment out of your budget. This, in turn, can give you more financial “wiggle room”, especially if you are facing a potential job loss or other reduction in income.

Good debt vs. bad debt

When deciding whether to take on more financial obligations or reduce your balance (s), it is important to know whether the money you are borrowing is “good” or “bad” debt. For example, loans for items that depreciate quickly, such as a new car, are generally considered bad debt.

Accumulating credit card balances is also negative, as the interest rate is typically in a range of 20% or more. So, unless you pay off your card balance every month, that high interest debt can grow exponentially over time, forcing you to pay a lot more for the purchases you make.

In other cases, it may make sense to take on “good” debt. For example, if you are buying rental property, a mortgage could be used as “leverage” for an income producing asset that can also increase the equity you have.

Plus, the interest you pay on a mortgage for your primary residence is generally tax deductible. If you take out a home loan and use those funds for home improvements, you may be able to deduct the interest you pay for the improvements.

With interest rates currently at historically low levels, it might be a good idea for you to refinance your home and lower your monthly payment and / or withdraw money for other needs, such as paying off balances. high interest credit cards, adding to your retirement investments. , by increasing the amount of your emergency fund, or even by paying off part of the principal balance you owe on the mortgage. In this case, however, make sure that you plan to stay home for at least long enough to break even refinancing the loan.

Before making a decision

Before you pay off your mortgage, there are some administrative things to consider, such as answering the following questions:

• Do you have an emergency fund in place? If so, does it contain enough for at least six months of living expenses?

• Do you have other high interest debt balances (like credit cards) that are still in place (costing you about 20% in interest charges)?

• Have you paid your annual IRA contribution (individual retirement account) for the current year? If you are 49 or under, you can contribute up to $ 6,000 this year and up to $ 7,000 if you are 50 or older.

• Are you contributing the maximum amount to your employer pension plan, such as a 401 (k)? For 2021, you can contribute up to $ 19,500 if you’re under 50 and up to $ 26,000 if you’re 50 or older.

• Would it make more sense to refinance your mortgage (and possibly withdraw money), given that interest rates are currently at historically low levels?

• Will the performance of other investments beat the interest charges on your mortgage?

• Will you still have enough cash on hand or will paying off your mortgage drain your available savings?

• Is there a prepayment penalty for prepaying your mortgage balance?

Put your plan in place

Before you commit to paying off your mortgage – or adding to your investment portfolio – you may want to discuss all of your options with a financial advisor who can review your situation and overall goals. This way, you will be better able to compare the short and long term advantages (or disadvantages) of either scenario.

Additionally, working with a counselor who knows issues affecting the LGBTQ community can provide an added benefit, as various laws regarding same-sex couples may also be factored into your overall plan.

For more information on Certified Practitioners of Financial Planners in your area, visit letsmakeaplan.org or visit midtownfg.com/lgbtqplus.10.htm.

This article appears in the April 2021 issue of OutSmart magazine.


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BBQ: MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL POSITION AND OPERATING RESULTS (Form 10-K) http://mijasguide.com/bbq-managements-discussion-and-analysis-of-financial-position-and-operating-results-form-10-k/ http://mijasguide.com/bbq-managements-discussion-and-analysis-of-financial-position-and-operating-results-form-10-k/#respond Wed, 07 Apr 2021 23:16:20 +0000 http://mijasguide.com/bbq-managements-discussion-and-analysis-of-financial-position-and-operating-results-form-10-k/

Overview


In September 2019 a holding company reorganization was completed in which Famous
Dave's of America, Inc. ("FDA") became a wholly owned subsidiary of the new
parent holding company named BBQ Holdings, Inc. ("BBQ Holdings"). As used in
this Form 10-K, "Company", "we" and "our" refer to BBQ Holdings and its wholly
owned subsidiaries. BBQ Holdings was incorporated on March 29, 2019 under the
laws of the State of Minnesota, while FDA was incorporated in Minnesota on March
14, 1994. We develop, own and operate restaurants under the name "Famous
Dave's", "Clark Crew BBQ", "Granite City Food & Brewery" and "Real Urban
Barbecue." Additionally, we franchise restaurants under the name "Famous
Dave's". As of January 3, 2021, there were 125 Famous Dave's restaurants
operating in 31 states, Canada, and the United Arab Emirates, including 27
Company-owned restaurants and 98 franchise-operated restaurants. Included in the
Famous Dave's company-owned restaurant total are four restaurants purchased in
July 2019 in Arizona ("Arizona Restaurants') and four restaurants purchased in
March 2019 in Colorado ("Colorado Restaurants"). The first Clark Crew BBQ
restaurant opened in December 2019 in Oklahoma City, Oklahoma. On March 9, 2020,
we purchased 18 Granite City Food & Brewery restaurants ("Granite City
Acquisition") in connection with a Chapter 11 bankruptcy filing. On March 16,
2020, we purchased one Real Urban Barbecue restaurant located in Vernon Hills,
Illinois. In October 2020, we signed a 25-unit development agreement with
Bluestone Hospitality Group ("Bluestone") whereby Bluestone will open Famous
Dave's ghost kitchens and dual restaurant concepts with the Johnny Carino's
Italian brand.





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Impact of the COVID-19 virus on our business


In March 2020, the World Health Organization declared the outbreak of a novel
coronavirus ("COVID-19") as a pandemic and the United States declared a National
Public Health Emergency. As a result, public health measures were taken to
minimize exposure to the virus. These measures, some of which are
government-mandated, were implemented globally resulting in a dramatic decrease
in economic activity. "Stay-at-home" orders with the exception of conducting
certain essential functions, quarantines, travel restrictions and other
governmental restrictions to reduce the spread of COVID-19 have had an adverse
impact on our company's business. From mid-March through April, all of our
Company-owned restaurants operated on a take-away, mobile pick-up and delivery
basis only in order to protect its employees and customers from the spread of
the COVID-19 pandemic and to comply with the government mandates. Beginning in
May, we gradually began opening our restaurants for dine-in at 25% to 50%
capacity pursuant to the regulations of the jurisdictions in which we operate.
While all but one of our Company-owned restaurants began operating under
limited-capacity in-store dining by mid-June 2020, in late October, some
locations were required to reduce or eliminate in-store dining due to new COVID
restrictions (Note 1 Nature of Business and Significant Accounting Policies).
Due to the rapid development and fluidity of this situation, we cannot determine
the ultimate impact that the COVID-19 pandemic will have on our consolidated
financial condition, liquidity, and future results of operations.

Fiscal year


Our fiscal year ends on the Sunday nearest to December 31st of each year. Our
fiscal year is generally 52 weeks; however, it periodically consists of 53
weeks. The fiscal year ended January 3, 2021 (fiscal 2020) consisted of 53 weeks
while the fiscal year ended December 29, 2019 (fiscal 2019) consisted of 52
weeks.

Presentation basis


The financial results presented and discussed herein reflect our results and the
results of our wholly-owned and majority-owned consolidated subsidiaries. All
intercompany balances and transactions have been eliminated in consolidation.
Certain reclassifications have been made to prior year amounts to conform to the
current year's presentation.

Application of accounting methods and critical estimates


The following discussion and analysis of our financial condition and results of
operations is based upon our financial statements, which have been prepared in
accordance with accounting principles generally accepted in the United States.
The preparation of these financial statements requires management to make
estimates and judgments that affect the reported amount of assets, liabilities
and expenses, and related disclosures. On an on-going basis, management
evaluates its estimates and judgments. By their nature, these estimates and
judgments are subject to an inherent degree of uncertainty. Management bases its
estimates and judgments on historical experience, observance of trends in the
industry, information provided by customers and other outside sources and on
various other factors that are believed to be reasonable under the
circumstances, the results of which form the basis for making judgments about
the carrying values of assets and liabilities that are not readily apparent from
other sources. Actual results may differ materially from these estimates under
different assumptions or conditions. Our management believes the following
critical accounting policies reflect its more significant judgments and
estimates used in the preparation of our consolidated financial statements. Our
company's significant accounting policies are described in Note 1 Nature of
Business and Significant Accounting Policies to the consolidated financial
statements included herein.

We have discussed the development and selection of the following critical
accounting policies with the Audit Committee of our Board of Directors and the
Audit Committee has reviewed our disclosures relating to such policies in this
Management's Discussion and Analysis of Financial Condition and Results of
Operations.

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Recognition of franchise-related income


We recognize franchise fee revenue on a straight-line basis over the life of the
related franchise agreements and any exercised renewal periods. Cash payments
are due upon the opening of a new restaurant or upon the execution of a renewal
of the related franchise agreement. Our performance obligation with respect to
franchise fee revenues consists of a license to utilize our brand for a
specified period of time, which is satisfied equally over the life of each
franchise agreement.

Area development fees are deferred until a new restaurant is opened pursuant to
the area development agreement, at which time revenue is recognized on a
straight-line basis over the life of the franchise agreement. Cash payments for
area development agreements are typically due when an area development agreement
has been executed. Gift card breakage revenue is recognized proportionately as
gift cards are redeemed utilizing an estimated breakage rate based on our
historical experience. Gift card breakage revenue is reported within the
licensing and other revenue line item of the consolidated statements of
operations.

The Company reports contributions from franchisees to our company's system-wide
Public Relations and Marketing Development Fund (the "NAF") on a gross basis
within the franchisee national advertising fund contributions line item on the
consolidated statements of operations.

Costs and expenses

Restaurant costs and expenses include, among other items, food and beverage
costs; labor and benefits costs; operating expenses, which include occupancy
costs, repair and maintenance costs, supplies and advertising and promotion.
Certain of these costs and expenses are variable and will increase or decrease
with sales volume. The primary fixed costs are restaurant management salaries
and occupancy costs. Our experience is that when a new restaurant opens, it
incurs higher than normal levels of labor and food costs until operations
stabilize, usually during the first three to six months of operations. As
restaurant management and staff gain experience following a restaurant's
opening, labor scheduling, food cost management and operating expense control
typically improve to levels similar to those at our more established
restaurants.

General and administrative expenses


General and administrative expenses include all corporate and administrative
functions, other than marketing and digital services. Salaries and benefits,
legal fees, accounting fees, professional consulting fees, travel, rent and
general insurance are major items in this category. Additionally, we record
expense for managers-in-training ("MITs") in this category.

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Impairment of assets, estimated lease termination and other closing costs

We evaluate restaurant sites and long-lived assets for impairment whenever
events or changes in circumstances indicate that the carrying amount of an asset
may not be recoverable. Recoverability of restaurant sites to be held and used
is measured by a comparison of the carrying amount of the restaurant site to the
undiscounted future net cash flows expected to be generated on a
restaurant-by-restaurant basis. If a restaurant is determined to be impaired,
the loss is measured by the amount by which the carrying amount of the
restaurant site exceeds its fair value. Fair value is estimated based on the
best information available including estimated future cash flows, expected
growth rates in comparable restaurant sales, remaining lease terms, discount
rate and other factors. If these assumptions change in the future, we may be
required to take additional impairment charges for the related assets.
Considerable management judgment is necessary to estimate future cash flows.
Accordingly, actual results could vary significantly from such estimates.
Restaurant sites that are operating, but have been previously impaired, are
reported at the lower of their carrying amount or fair value less estimated
costs to sell.

Rental accounting


We lease the property for our corporate headquarters, most of our Company-owned
stores, and certain office and restaurant equipment. We determine if an
arrangement is a lease at inception. Operating leases are included in operating
lease right-of use ("ROU") assets, current portion of operating lease
liabilities, and operating lease liabilities in its consolidated balance sheets.
ROU assets and operating lease liabilities are recognized based on the present
value of lease payments over the lease term, including any renewal options where
the renewal is reasonably assured at the commencement date. Because most of our
leases do not provide an implicit rate of return, we use our incremental
borrowing rate based on the information available at commencement date in
determining the present value of lease payments. Operating lease ROU assets also
exclude lease incentives received. Where we are the lessee, at initial adoption,
we have elected to account for non-lease components associated with its leases
(e.g., common area maintenance costs) and lease components separately for
substantially all of its asset classes. Subsequent to adoption we will combine
lease and non-lease components.

We account for construction allowances by recording a receivable when its
collectability is considered probable, and relieve the receivable once the cash
is obtained from the landlord. We depreciate the leasehold improvements over the
lesser of their useful lives or the full term of the lease, including renewal
options and build-out periods. We record rent expense during the build-out
period and classify this expense in pre-opening expenses in our consolidated
statements of operations.

Liquor licenses
We own transferable liquor licenses in jurisdictions with a limited number of
authorized liquor licenses. These licenses are capitalized as indefinite-lived
intangible assets and are included in intangible assets, net in our consolidated
balance sheets. We review annually these liquor licenses for impairment.
Additionally, the costs of obtaining non-transferable liquor licenses that are
directly issued by local government agencies for nominal fees are expensed as
incurred. Annual liquor license renewal fees are recognized in expense over
the
renewal term.

Accounts receivable, net

We provide an allowance for uncollectible accounts on accounts receivable based
on historical losses and existing economic conditions, when relevant. We provide
for a general bad debt reserve for franchise receivables due to increases
in days sales outstanding for which no payment plan or other payment arrangement
exists. This general reserve is based on the aging of receivables meeting
specified criteria and is adjusted each quarter based on past due receivable
balances. Additionally, we have periodically established a specific reserve on
certain receivables as necessary on a case-by-case basis. Any changes to the
reserve are recorded in general and administrative expenses. In fiscal 2020, we
recorded approximately $403,000 in bad debt related to the discount we offered
franchisees on deferred payments remitted prior to June 30, 2020 as described in
Note 1 Nature of Business and Significant Accounting Policies to the financial
statements. Exclusive of that one-time adjustment, accounts receivable balances
written off have not exceeded allowances provided. We believe all accounts
receivable in excess of the allowance are fully collectible. If accounts
receivable in excess of provided allowances are determined uncollectible, they
are charged to expense in the period that

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determination is made. In assessing recoverability of these receivables, we make
judgments regarding the financial condition of the franchisees based primarily
on past and current payment trends, as well as other variables, including annual
financial information, which franchisees are required to submit to us.

Stock-based compensation


Beginning in fiscal 2019, we were required to adopt ASU 2018-17- Compensation -
Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment
Accounting. See Note 1 Nature of Business and Significant Accounting Policies to
the accompanying financial statements for more information.

We recognize compensation expense for share-based awards granted to team members
based on their fair values at the time of grant over the requisite service
period. Additionally, our board members receive share-based awards for their
board service. Our pre-tax compensation expense for stock options and other
incentive awards is included in general and administrative expenses in our
consolidated statements of operations.

Income taxes


We provide for income taxes based on our estimate of federal and state income
tax liabilities. These estimates include, among other items, effective rates for
state and local income taxes, allowable tax credits for items such as taxes paid
on reported tip income, estimates related to depreciation and amortization
expense allowable for tax purposes, and the tax deductibility of certain other
items. Our estimates are based on the information available to us at the time
that we prepare the income tax provision. We generally file our annual income
tax returns several months after our fiscal year-end. Income tax returns are
subject to audit by federal, state, and local governments, generally years after
the tax returns are filed. These returns could be subject to material
adjustments or differing interpretations of the tax laws. Accounting for
uncertain tax positions requires significant judgment including estimating the
amount, timing, and likelihood of ultimate settlement. Although we believe that
our estimates are reasonable, actual results could differ from these estimates.
Additionally, uncertain positions may be re-measured as warranted by changes in
facts or law.

Operating results – Fiscal 2020 compared to 2019


The following table presents items in our consolidated statements of operations
as a percentage of net restaurant sales or total revenue, as indicated, for
the
periods presented:


                                                       Year Ended
                                          January 3, 2021    December 29, 2019
Food and beverage costs(1)                           30.9 %               31.4 %
Labor and benefits costs(1)                          34.0 %               35.8 %
Operating expenses(1)                                33.8 %               32.9 %
Restaurant level operating margin(1)(3)               1.3 %              (0.1) %
Depreciation and amortization expenses(2)             4.2 %                2.7 %
General and administrative expenses(2)               11.9 %               13.2 %
(Loss) income from operations(2)                    (9.2) %              

(1.9)%

(1) As a percentage of restaurant sales, net

(2) As a percentage of total sales

(3) The current operating margin at restaurant level is equal to restaurant sales, net,

    less food and beverage costs, labor and benefit costs, and operating
    expenses.


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Total Revenue

Our components and changes in our revenues included the following for the years ended January 3, 2021 and December 29, 2019:


                                                                       Year Ended
(dollars in thousands)                      January 3, 2021     December 29, 2019       $ Change     % Change
Revenue:
Restaurant sales, net                      $         109,544   $            68,564      $  40,980         59.8 %
Franchise royalty and fee revenue                      8,919                12,126        (3,207)       (26.4) %
Franchisee national advertising fund
contributions                                          1,124                 1,616          (492)       (30.4) %
Licensing and other revenue                            1,850                 1,249            601         48.1 %
Total revenue                              $         121,437   $            83,555      $  37,882         45.3 %



The increase in year-over-year restaurant sales for the year ended January 3,
2021 as compared to the year ended December 29, 2019 was primarily a result of
the net increase of 14 full service Company-owned restaurants during fiscal
2020, as a result of the acquisition of the Arizona Restaurants, Colorado
Restaurants and the Granite City Acquisition. Same store net sales for
Company-owned restaurants for fiscal year 2020, decreased 8.5% compared to
fiscal year 2019. It is our policy to include in our same store net sales base,
restaurants that have been open for 12 months under our company's ownership. On
a weighted basis, for the year ended January 3, 2021, dine-in sales decreased by
46.3% while to-go sales increased by 72.6% driven by third-party delivery sales
and curb-side pickup due to the unavailability of dine-in options as a result of
the COVID-19 pandemic. Catering same store sales decreased 54.6% for fiscal year
2020 compared to fiscal year 2019 as a result of group activities being
eliminated or reduced in capacity as a result of the COVID-19 pandemic.

We have been making significant investments in programs aimed at increasing
to-go and catering sales at all our BBQ Holdings restaurants. We have rolled out
delivery programs with various third-party services, which we believe, along
with online ordering, will continue to augment our to-go and catering sales in
the future. We believe our focus on to-go enables us to capture a greater
portion of the "take-out" market by allowing consumers to "trade within our
brands," when dining in is not always an option. We believe that these
innovations will provide additional avenues for our franchisees to grow their
respective businesses.

The decrease in year-over-year franchise-related revenue was primarily due to
the elimination of the dine-in option for our guests in much of fiscal year 2020
due to state regulations caused by the pandemic. Licensing and other revenue,
which is primarily derived from retail sales of Famous Dave's branded sauces,
rubs, Real Urban Barbeque consumer packaged goods, and the sale of raw brewing
products produced at the Granite City brewing facility increased approximately
$601,000 in fiscal 2020 over fiscal year 2019.

Weekly average Net sales and weeks of operation

The following table shows the average weekly net sales held and operated by a franchise for the periods presented:



                                                  Year Ended
                                    January 3, 2021      December 29, 2019
Average Weekly Net Sales (AWS):
Franchise-Operated(1)              $          42,612    $            51,432
Company-Owned                                 44,093                 47,642

(1) AWS for franchised restaurants is not recognized as company-owned

revenues and are not included in our consolidated financial statements. We

estimate that the disclosure of average weekly net sales and weeks of operation

franchised restaurants provide useful information to investors

because the historical performance and trends of BBQ Holdings franchisees tell

directly to the trends in franchise royalty income we receive from these

franchisees and impact the perceived success and value of the barbecue

Brand Holdings. It also provides a


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comparison against which management and investors can analyze the extent to which

which company-owned restaurants are realizing their income potential.




Food and Beverage Costs

Our food and beverage costs included the following for completed exercises
January 3, 2021 and December 29, 2019:




                                                                        Year Ended
(dollars in thousands)                      January 3, 2021     December 29, 2019       $ Change      % Change
Food and beverage costs                    $          33,867   $            21,541      $  12,326          57.2 %


Food and beverage costs for the fiscal years ended January 3, 2021 and December
29, 2019 represented approximately 30.9% and 31.4% of net restaurant sales,
respectively. This year-over-year decrease, as a percentage of net restaurant
sales, was a result of the reduction of menu items offered as the restaurants
reacted to the increase in to-go business and limited in-store dining due to
COVID-19 restrictions.

Labor and Benefits Costs

Our labor and benefit costs consisted of the following for the completed years January 3, 2021 and December 29, 2019.



                                                        Year Ended

(dollars in thousands) January 3, 2021 December 29, 2019 $ Change% Change Labor and benefit costs $ 37,228

            24,565      $  12,663          51.5 %


Labor and benefits costs for the fiscal years ended January 3, 2021 and December
29, 2019 were approximately 34.0% and 35.8% of net restaurant sales,
respectively. The year-over-year decrease during the year ended January 3, 2021,
as a percentage of net restaurant sales, was driven by in part by a concerted
effort by management to increase efficiency at the restaurants and in part by
the decrease in labor needed as dining room closures were mandated as a result
of COVID-19. The Company furloughted approximately 77% of its workforce as
a
means to control labor costs.

Operating Expenses

Our operating expenses consist of the following items for the years ended
January 3, 2021 and December 29, 2019:


                                                                        Year Ended
(dollars in thousands)                      January 3, 2021     December 29, 2019       $ Change      % Change
Operating expenses                         $          36,984   $            22,555      $  14,429          64.0 %

Operating expenses for the fiscal years ended January 3, 2021 and December 29,
2019 were approximately 33.8% and 32.9% of net restaurant sales, respectively.
This year over year increase in expense as a percentage of net restaurant sales
was due primarily to the reduced revenue resulting from the effects of COVID-19.

Depreciation and amortization

Depreciation and amortization expense for the fiscal years ended January 3, 2021
and December 29, 2019 was approximately $5.1 million and $2.2 million,
respectively, representing approximately 4.2% and 2.7% of total revenues,
respectively. Depreciation and amortization expense increased during the year
ended January 3, 2021 primarily as a result of the addition of Company-owned
restaurants.

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General and administrative expenses


Our general and administrative expenses consisted of the following for the
fiscal years presented:



                                                                   Year Ended
(dollars in thousands)                 January 3, 2021     December 29, 2019        $ Change      % Change
General and administrative expenses   $          14,395   $            10,992      $    3,403          31.0 %



General and administrative expenses for the years completed January 3, 2021 and
December 29, 2019, accounted for approximately 11.9% and 13.2% of total income, respectively. Although as a percentage of revenue, general and administrative expenses have decreased year over year, we have incurred additional expenses for acquisition costs and ongoing monitoring of our new restaurants.

Impairment of assets, estimated lease termination and other closing costs

Here is a summary of asset impairment, estimated lease termination and other closing costs we incurred for the periods presented:



                                                                           Year Ended
(dollars in thousands)                                       January 3, 2021      December 29, 2019
Asset impairments, net                                      $           5,532    $               282
Lease termination charges and related costs                               169                    926
Restaurant closure expenses                                              (18)                     88

Impairment of assets, estimated lease termination fees $ 5,683

             1,296

and other closing costs



During fiscal year 2020, we closed five Company-owned stores compared to four
Company-owned stores in fiscal year 2019. In addition to the five locations we
closed in fiscal year 2020, we impaired the assets of four under-performing
locations. These charges represented the write-offs of the impaired assets, as
well as the net assets of closed restaurants, lease termination charges incurred
with the early termination of leases, and ongoing costs incurred related to
closed restaurants.

Total other income (expenses)

Total other expense for the fiscal years ended January 3, 2021 and December 29,
2019 included interest expense of $805,000 and $494,000, respectively. These
expenses were partially offset by interest income of approximately $154,000 and
$215,000 during the fiscal years ended January 3, 2021 and December 29, 2019,
respectively. The increase in interest expense was primarily related to the
increase in outstanding debt related to borrowings for the Granite City
Acquisition and the PPP Loans obtained as a result of the effects of COVID-19 on
our business (Note 8 Long-term Debt). In fiscal year 2020, we recorded a gain on
bargain purchase in conjunction with the Granite City acquisition in the amount
of $13.2 million (Note 2 Restaurant Acquisition).

Tax benefit

Income tax benefit for the year ended January 3, 2021 and December 29, 2019 was
$2.8 million and $659,000, respectively. This represents an effective tax rate
of (132.7)% and 52.2%, respectively. The decrease in our effective tax rate
primarily relates to the bargain purchase gain recognized on the Granite City
Acquisition (Note 2 Restaurant Acquisition).

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Basic and diluted net earnings (loss) per common share


Our basic and diluted net income per common share for the year ended January 3,
2021 was $0.54 per share. Basic and diluted net loss per common share for the
year ended December 29, 2019 was $0.07 per share. For the year ended January 3,
2021, we had basic and diluted weighted-average shares outstanding of
approximately 9,155,000 and 9,168,000, respectively. For the year ended December
29, 2019, we had basic and diluted weighted-average shares outstanding of
approximately 9,099,000.

Financial situation, liquidity and capital resources


Our balance of cash and cash equivalents was approximately $19.6 million and
$6.1 million at January 3, 2021 and December 29, 2019, respectively. During
fiscal year 2020, we drew approximately $8.1 million on our loan agreement with
Choice Financial Group and received approximately $14.0 million in PPP Loans
(Note 8 Long-Term Debt). We used cash to purchase one Real Urban Barbeque
restaurant in Illinois and 18 Granite City restaurants in 11 states (Note 2
Restaurant Acquisition). We expect to utilize cash on hand to reinvest in our
brand and the evolution of our company.

Our current ratio, which measures our immediate short-term liquidity, was 1.1 at
January 3, 2021 compared with 1.0 as of December 29, 2019. The current ratio is
computed by dividing total current assets by total current liabilities.

Net cash provided by operating activities for the year ended January 3, 2021 was
$2.1 million, which reflects net income of approximately $4.3 million reduced
primarily by the $13.2 million non-cash bargain purchase gain on the Granite
City Acquisition and increased by non-cash charges of approximately $12.3
million primarily due to depreciation and amortization, stock-based
compensation, asset impairment/lease termination charges and bad debt expense.
Changes in operating assets for the fiscal year ended January 3, 2021 primarily
included cash outflows from a net increase in prepaids and other assets of $1.3
million, offset in part by cash inflows from the increase of accounts payable
and other liabilities of $4.7 million.

Net cash provided by operating activities for the year ended December 29, 2019
was approximately $2.6 million, which reflects net loss from continuing
operations of approximately $1.2 million, increased by non-cash charges of
approximately $3.7 million primarily due to depreciation and amortization,
stock-based compensation and asset impairment/lease termination charges. Changes
in operating assets and liabilities for the year ended December 29, 2019
primarily included net cash outflows related to accounts receivable and other
current assets of $2.0 million offset in part by cash inflows of $2.1 related to
accounts payable and other liabilities.

Net cash used by investing activities for the year ended January 3, 2021 was
$6.0 million related to payments for acquired restaurants of $5.4 million and
the purchase of property, equipment and leasehold improvements of $3.5 million,
net of proceeds from the sale of our Coon Rapids, Minnesota location.

Net cash used by investing activities for the year ended December 29, 2019 was
$13.0 million primarily related to the acquisition of the Colorado Restaurants
and Arizona Restaurants.

Net cash provided by financing activities in fiscal year 2020 was $17.4 million
which was related to the proceeds from our loan with Choice Bank and the
proceeds from our PPP Loans, offset in part by payments on our long-term debt.
Proceeds from our loan with Choice Bank were used to fund acquisitions while the
funds from the PPP Loans were used to fund operations.

The net cash provided by financing activities during the 2019 financial year was $ 4.1 million
mainly from the proceeds of a loan agreement with Bank of choice.


We are subject to various financial and non-financial covenants on our long-term
debt, including a debt-service coverage ratio. As of January 3, 2021, we were in
compliance with all of our covenants.

                                       35

Contents

In March 2020, the World Health Organization declared coronavirus COVID-19 a
global pandemic. COVID-19 pandemic has caused a disruption to our business. The
full impact of the COVID-19 outbreak continues to evolve as of the date of this
report, and due to the rapid development and fluidity of the situation, we are
not able to determine the ultimate impact it will have on our financial
condition. We have taken measures to mitigate our downturn in sales, including
reducing labor and renegotiating rents on our restaurant properties.
Additionally, the proceeds from our PPP Loans have been used to fund operations.
Although we have filed for forgivness of these loans, we have not yet heard from
the Small Business Administration. There can be no assurance that any portion of
the PPP Loans will be forgiven and we would not be required to repay the PPP
Loans in full. Interest and principal payments under the PPP Loans will continue
to be deferred until such time the amount of forgiveness is determined.

Contractual obligations

The following is a summary of our contractual obligations as of January 3, 2021.
Our PPP Loans are scheduled to be repaid in fiscal year 2022, however, we have
applied for forgiveness of such loans but have not yet heard from the Small
Business Administration (Note 8 Long-Term Debt):




(in thousands)                   Total        2021        2022        2023        2024       2025       Thereafter
Term Loan                      $  10,403    $  2,111    $  2,220    $  2,335    $  2,457    $ 1,280    $          -
PPP Loans                         13,957           -      13,957           -           -          -               -
Operating Lease Obligations       91,261       9,674       9,978       9,617       8,608      8,254          45,130
Total                          $ 115,621    $ 11,785    $ 26,155    $ 11,952    $ 11,065    $ 9,534    $     45,130

Off-balance sheet arrangements

Our company does not have any off-balance sheet arrangements (as that term is defined in point 303 of the SK Regulation) which are reasonably likely to have a current or future effect on our financial position or changes in the financial position, operating results or liquidity.

Income taxes


As of January 3, 2021, we had cumulative state net operating loss carry-forwards
for tax reporting purposes of approximately $26.8 million and federal net
operating loss carry-forwards for tax reporting purposes of $10.9 million which,
if not used, will begin to expire in fiscal 2021 and 2038, respectively.

Recent accounting advice not yet adopted

In December 2019, the Financial Accounting Standards Board ("FASB") issued
Update 2019-12, Income Taxes ("Topic 740") as part of its Simplification
Initiative. This guidance provides amendments to simplify the accounting for
income taxes by removing certain exceptions to the general principles in Topic
740. The amendments also improve consistent application of and simplify GAAP for
other areas of Topic 740 by clarifying and amending existing guidance. This
guidance is effective for annual and interim reporting periods beginning after
December 15, 2020, and early adoption is permitted. We plan to adopt during the
first quarter of 2021, and we expect an immaterial impact to the consolidated
financial statements.

We reviewed all other recently issued accounting pronouncements and concluded
they were either not applicable or not expected to have a significant impact on
our consolidated financial statements.

Inflation


The primary inflationary factors affecting our operations include food, beverage
and labor costs. In addition, our leases require us to pay taxes, maintenance,
repairs and utilities and these costs are subject to inflationary increases.

                                       36

  Table of Contents

In some cases, some of our lease commitments are tied to consumer price index
("CPI") increases. We are also subject to interest rate changes based on market
conditions.

While we have taken steps to enter into agreements for some of the commodities
used in our restaurant operations, there can be no assurance that future
supplies and costs for such commodities will not fluctuate due to weather or
other market conditions outside of our control.  Many of our restaurant
employees are paid hourly rates subject to the federal, state or local minimum
wage requirements. Numerous state and local governments have their own minimum
wage and other regulatory requirements for employees that are generally greater
than the federal minimum wage and are subject to annual increases based on
changes in their local consumer price indices. Additionally, certain operating
and other costs, including health benefits in compliance with the Patient
Protection and Affordable Care Act, taxes, insurance, COVID-19 pandemic related
benefits, and other outside services continue to increase with the general level
of inflation and may also be subject to other cost and supply fluctuations
outside of our control. While we have been able to partially offset inflation
and other changes in the costs of key operating resources by adjusting menu
prices, coupled with more efficient purchasing practices, productivity
improvements and greater economies of scale, there can be no assurance that we
will be able to continue to do so in the future. At times, competitive
conditions and macroeconomic conditions that impact consumer discretionary
spending may limit our menu pricing flexibility.  There can be no assurance that
we will continue to generate increases in comparable restaurant sales in amounts
sufficient to offset inflationary or other cost pressures.

© Edgar Online, source Previews


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The forgiveness of student loans is a gift to the well-off | Column http://mijasguide.com/the-forgiveness-of-student-loans-is-a-gift-to-the-well-off-column/ http://mijasguide.com/the-forgiveness-of-student-loans-is-a-gift-to-the-well-off-column/#respond Wed, 07 Apr 2021 23:16:08 +0000 http://mijasguide.com/the-forgiveness-of-student-loans-is-a-gift-to-the-well-off-column/

While the government continues to lend over $ 100 billion annually to students (about 40% to graduate students), defaults, as well as debt relief programs for low-income borrowers, mean that, according to the Wall Street Journal, the government risks losing $ 435 billion in existing loans. This is almost as much as the $ 535 billion private lenders lost on subprime mortgages during the 2008 financial crisis.

American Enterprise Institute study shows that after consolidating all forms of student aid, tuition fees that low- and middle-income students pay at public universities average less than $ 2,500 per year – just over 25 years ago. As student aid has grown, universities have raised tuition fees to capture much of the aid: Federal Reserve Bank of New York study says tuition increases by 60 cents for every dollar in student aid.

College tuition inflation is more than three times the increase in the consumer price index. But because the university, while theoretically expensive, is, given the myriad of student grants, in fact inexpensive, the nation is overproducing college graduates. A 2018 study found that 43% of graduates’ first jobs do not require a college degree, and two-thirds of graduates take such jobs five years later.

Warren, who appears to have learned about economics from Rumpelstiltskin (Let’s turn the straw to gold!), Says canceling student debt would be “the biggest stimulus we could add to the economy.” Jason Furman, who teaches economics at Harvard and was chairman of President Barack Obama’s Council of Economic Advisers, thinks the stimulus effect would be negligible. Because most of the debt is held by people who move up the social mobility ladder, a result of Warren-Schumer would be that the wealthy increase their savings. This “Brahmin rescue” might be at odds with progressive theories, but not with progressive practices.


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Stocks Rise, Wiping Out Weekly Losses in S&P 500 Index | Economic news http://mijasguide.com/stocks-rise-wiping-out-weekly-losses-in-sp-500-index-economic-news/ http://mijasguide.com/stocks-rise-wiping-out-weekly-losses-in-sp-500-index-economic-news/#respond Wed, 07 Apr 2021 23:15:54 +0000 http://mijasguide.com/stocks-rise-wiping-out-weekly-losses-in-sp-500-index-economic-news/

By DAMIAN J. TROISE and STAN CHOE, AP Business Writers

NEW YORK (AP) – Stocks rose on Wall Street on Friday, erasing market losses earlier in the week and avoiding a second consecutive weekly decline for the S&P 500. The index rose 1.7% on Friday, and some of the biggest gains came from companies whose profits are likely to rise the most if COVID-19 vaccinations and massive U.S. government spending stimulate the economy as much as economists expect. Bank stocks were boosted by an easing of regulatory restrictions by the Federal Reserve and a continued rise in bond yields. Crude oil surged and helped to rebound energy stocks.

THIS IS A BRIEF UPDATE. AP’s previous story follows below.

NEW YORK (AP) – US stocks are higher on Friday afternoon, erasing market losses earlier in the week and putting Wall Street higher to avoid a second consecutive weekly decline.

The S&P 500 rose 0.7%, and some of the biggest gains came from companies whose profits would grow the most if COVID-19 vaccinations and massive U.S. government spending programs supported the economy as much as they did. economists predict it. The index is on track for a 0.7% rise this week after losing 0.8% last week.

Photos to see – May 2021

The Dow Jones Industrial Average was up 192 points, or 0.6%, at 32,811 at 3:05 p.m. EST. Most Wall Street stocks were up, but losses by some tech heavyweights helped push the Nasdaq composite down 0.1%.

Stock prices have moved in recent weeks and the momentum has often changed dramatically, sometimes hourly. Rising expectations of a supercharged economic recovery are supporting many stocks on the one hand, while worries about the possibility of rising inflation and rising interest rates drying up the market on the other. .

Last week, everything from President Joe Biden to doubling his COVID-19 vaccination target to a skyscraper-sized ship blocking one of the world’s most important channels, rocked markets .

“It’s only natural for people to look at ‘the stocks of companies that would benefit the most from a rejuvenated economy,’ said Tom Plumb, portfolio manager and chairman of Plumb Funds.” But there are times when you’re going to have a fair amount of volatility, because a rally like the one we are experiencing has never been smooth. “

Much of the recent turmoil in the stock market has been the result of movements in the bond market, where yields on Treasuries have risen sharply since last fall. Higher returns can make investors less willing to pay high prices for stocks, with companies considered the most expensive to suffer the most. Companies that ask their investors to wait many years for strong earnings growth have also been hit hard.

The 10-year Treasury yield rose to 1.67% from 1.61% Thursday night. But it’s still below what it was last week, when it rose above 1.70% and hit its highest level since before the start of the pandemic.

A report released on Friday also showed that an inflation gauge the Federal Reserve likes to use was lower last month than economists had expected. This took some of the pressure off short-term inflation concerns.

The higher yields have helped increase banks’ stocks, in part because higher interest rates allow them to make bigger profits by making loans. Financials also got a boost after the Federal Reserve announced it would soon allow banks to resume repurchasing their own shares and send larger dividends to shareholders. The Fed curtailed these measures last summer to force banks to keep cash cushions amid the coronavirus recession.

Some of Friday’s biggest gains came from energy stocks, which benefited from a $ 2.41 rise in the price of US oil to $ 60.97 a barrel. .

Marathon Oil rose 3.8% and S&P 500 energy stocks rose 1.6%.

Inventories of companies that would benefit from increased investment in infrastructure also rebounded sharply. Steelmaker Nucor climbed 7.2% for the S&P 500’s biggest gain, and miner Freeport-McMoRan was up 4.3%.

President Joe Biden is pushing for heavy spending on the country’s infrastructure, as many former presidents have done with little effect. “Whether or not it happens, the market feels like there is a higher chance of this happening,” Plumb said.

Other companies that should benefit from more widespread coroanvirus vaccinations and the U.S. government’s spending plan to save the economy have also been particularly strong. L Brands, owner of Victoria’s Secret and Bath & Body Works, gained 2.1% after raising its first-quarter profit forecast, citing increased sales as stimulus checks reach people and restrictions COVID-19 are relaxed.

Since interest rates started rising last fall, tech stocks have been caught in the crosswinds of the market the most. They were among the biggest winners at the start of the pandemic, and their high stock prices and long earnings growth trajectories have made them vulnerable to weakness when interest rates rise.

These high-growth stocks had a mixed performance on Friday. Amazon and Google’s parent company fell at least 1%, while Tesla fell 5.3%. Microsoft and Facebook were both up slightly, while Apple was down 0.8% after switching between gains and losses several times.

Shares also rose in most international markets. The indices rose 1% or more from London to Seoul.

Copyright 2021 The Associated press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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TCF Financial Executives Discuss Pandemic Response and Merger Mainstreaming http://mijasguide.com/tcf-financial-executives-discuss-pandemic-response-and-merger-mainstreaming/ http://mijasguide.com/tcf-financial-executives-discuss-pandemic-response-and-merger-mainstreaming/#respond Wed, 07 Apr 2021 23:15:50 +0000 http://mijasguide.com/tcf-financial-executives-discuss-pandemic-response-and-merger-mainstreaming/

TCF Financial Corp. approved more than 16,000 loans from the U.S. Small Business Administration’s Paycheck Protection Program for $ 2 billion, while adapting to the COVID-19 pandemic, while most out-of-branch employees are switched to working from home.

Meanwhile, Detroit-based TCF Financial continued to make progress in integrating TCF Bank and Chemical Bank following the $ 3.6 billion merger with the former. Chemical Financial Corp. on August 1, 2019. After the integration, the offices of the Chemical Bank will change to the name TCF.

TCF President and CEO Craig Dahl and Executive Chairman Gary Torgow
COURTESY PHOTOS

MiBiz recently spoke with TCF CEO Craig Dahl and Executive Chairman Gary Torgow about PPP, pandemic management and ongoing integration.

The SBA put nearly $ 350 billion on the ground in a week for the first round of the PPP and worked with many banks. What was the biggest challenge in setting it up and making it work so quickly?

Torgow: The SBA and the Treasury operate the system. The SBA has never had this kind of volume. It was a much smaller producer, and the challenge for us was being able to get into their system, get some advice from them on what to do and what kind of app (to use). They went through a couple of application processes before we got the right one from them. I think the biggest challenge was just getting into the SBA system and making sure we were compliant with the documents. We had a number of iterations until they got to the final app. Once we got into the system the SBA worked fine with us. … I think it worked pretty seamlessly.

What surprised you about PPP?

Dahl: This was intended to fund about two and a half months of small business payroll. I agree with how quickly the money was spent because it had to be. If these business owners weren’t sure they were getting the money, there was no way to keep the employees on the payroll. We had over 220,000 employees affected by the loans we made. Take that all over the system, and it’s a big deal. There had never been anything done so fast, but it was something that required it to be fast.

What did the huge demand for PPP loans tell you?

Torgow: The COVID-19 pandemic has hit the country economically in a way that without this really important government infusion, without banking cooperation, without everyone coming together, the economic damage would be worse than it is. What he told us was that the government reacted quickly and intelligently. They were also in very uncharted territory. We haven’t seen anything like it in a stimulus package.

The continued stimulus opportunities will be very essential to keeping the economy, businesses and people afloat until this pandemic is over and we can witness an economic recovery.

What have you learned from the past two months?

Dahl: I don’t think everyone is aware of how little cash these small businesses operate with. They are spending tomorrow’s income today in some of them. So this is the big takeaway that people need to understand. They will not operate with a cash cushion that will allow them to withstand (the effects of a major income disruption).

The other thing I want to highlight (is that it’s) different from the last recession where companies could be criticized for taking action or whatever. Even at TCF the first two months (of 2020) we had good normal months. We were right about our plan. Suddenly all these plans came out of the window. These companies were in the same boat. They weren’t making mistakes leading to this cash crunch. Their income fell to zero overnight.

If Congress decides to do another round of PPP or some other form of stimulus, what advice do you have?

Torgow: What we want Congress to focus on is what we believe is the bedrock of communities, i.e. small businesses, little mom-pop shops, restaurants, small apartment building. apartments with four or five residences. We want to make sure that the foundations of the community are supported through this, and we don’t want to see businesses shut down. We want to see businesses strengthened. I think if the government continues to target, it should target those who are suffering the most from the economic decline we are in. If I spoke in Congress, I would speak of urban centers, city centers, the places hardest hit by the health crisis and the economic crisis. These are the people who need help the most.

How have the lessons of the last financial crisis affected decisions in this crisis?

Torgow: The lessons we learned from the systemic debacle of ’08, ’09 and ’10 were that we, at least in our industry, recognized that banks must remain strong and healthy and very united as a community, and we must work and act fast. We had to be concerned about the health of our employees. We had to make sure everyone was safe and no one got sick, and we kept 85% of our branches open so people could access their accounts and feel the bank was responding to them. These were very important lessons. There was a very slow reaction in 2008 and 2009 and in many ways it was the banks that were suffering the most during that time which turned out to be the suffering of customers and communities.

How has the pandemic changed the way you run the business?

Torgow: A number of things will happen. One of those really is who can work from home, as opposed to working in the office, and where their comfort level is. The second is that we have recognized that for the next period, customers will need continued support. We’re going to have to keep doing what we were doing before, which was approving loans so people can develop the businesses they want, and we want to make sure we’re there for them. This will cause us to take a very close look at the situation of the employees and the situation of the customers to make sure that we are responding very well.

What is the status of the integration of Chemical Bank and TCF Bank after the company merger last year?

Dahl: Despite all the obstacles that have come up over the past 60 days, we are really proud of the response from our team. Over 90 percent of our non-branch staff now work from home and it has gone very well. We remain on track for our integration, which is in the third quarter. We are delighted to offer the One System and One Solution to all of our customers. Everything is always on the right track.

How do you see the pandemic constantly changing your industry?

Dahl: Some things have already happened. What will the role of the branch be? How well are your digital tools working? And how do your customers accept and adopt them? There were a lot of people who criticized that our branch system had all these drive-ups, and yet that was the key for us to be able to serve our customer base by having this drive-up feature at a time when we kept over 80 percent of our branches are open. We understand that change management will be very important on the other side as well.

Is the current situation accelerating the use of digital banking options?

Torgow: Every part of the digital experience is going to be advanced here. You see the way we conduct meetings, you see the way we communicate with each other. I think there will be less travel. I think people are going to use the tools that were provided to them during the pandemic, and customers will be more skilled. We’re going to be in a good position with this conversion to advance our technology opportunities for customers, and more and more customers are going to use it and appreciate it and feel more comfortable. They are going to go to these areas because of what has happened.


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Local Eats: Gabriel’s Cheese Steak Hoagies has been serving sandwiches for 60 years http://mijasguide.com/local-eats-gabriels-cheese-steak-hoagies-has-been-serving-sandwiches-for-60-years/ http://mijasguide.com/local-eats-gabriels-cheese-steak-hoagies-has-been-serving-sandwiches-for-60-years/#respond Wed, 07 Apr 2021 23:15:49 +0000 http://mijasguide.com/local-eats-gabriels-cheese-steak-hoagies-has-been-serving-sandwiches-for-60-years/

YPSILANTI, MI – Gabriel’s Cheese Steak Hoagie has been serving one of Southeast Michigan’s favorite Philly-style sandwiches for over 60 years.

“We are just passionate about fair prices and high quality food, which is what we have always done,” said owner Donny Ballard.

Restaurant Ypsilanti, open since 1959, has been able to keep its lunch – a cheesesteak sandwich, a bag of crisps, and a soft drink – under $ 10 for decades because of its unwavering commitment to quality and honesty, Ballard said.

“We have a very limited menu, so we do it well – 90% of our sales are this cheesesteak, so having a limited menu and being there for 60 years says a lot,” Ballard said. “We are giving away a very large portion for a small price and I think over the years people have trusted us.”

The cheesesteak is wrapped to the brim with sliced ​​sirloin steak, between a soft bun and topped with a choice of grilled onions, American cheese, mushrooms or other toppings.

“People say it’s like in Philadelphia,” Ballard said. “Customers over there will say it’s just as good or better. The biggest compliment I always get is how good this quality rib eye always is.

Keeping the price affordable is also a plus, Ballard said.

“Most of our competition charge $ 1.75 more per cheesesteak and they don’t even give them that high quality steak,” he said. “We feel like we are doing the right thing by offering a very authentic product at a very, very fair price.”

The restaurant has attracted dozens of new customers, Ballard said, acknowledging community support throughout the pandemic.

“We’ve had so many new customers because even the new ones come out and tell their friends about it. It really feels good to have the support we have, ”Ballard said.

The restaurant never opened for dinner throughout the pandemic and remains open for takeout by the way or by calling ahead at 734-483-5846.

Gabriel’s Cheese Steak Hoagies, 2585 E. Michigan Ave. is open from 10 a.m. to 9 p.m. daily and from 11 a.m. to 9 p.m. on Sunday. The restaurant also has a second location at 1919 N. Wayne Road in Westland.

More Local Washtenaw County Dishes:

Local Eats: Taco Tuesday, margaritas bring Mexican canteen Maiz to Ypsilanti to life

Local Eats: Old Town Tavern has served downtown Ann Arbor for almost 50 years

Local Eats: Jamaican Jerk Pit serves Caribbean taste in downtown Ann Arbor

Local Eats: Enjoy comfort food from Red Hawk in Ann Arbor

Local Eats: Enjoy a bowl of ramen at Slurping Turtle in Ann Arbor

Local Eats: Seva serves savory and sweet vegetarian dishes in Ann Arbor

Local Eats: Angelo’s Still Serving Homemade Bread After Over 60 Years In Ann Arbor

Local Eats: Try cauliflower wings, soups or vegan candy at Detroit Filling Station in Ann Arbor

Local Eats: 24th CheeseCakerie makes Kool-Aid, Pumpkin Honey and Pear Candy

Local Eats: Chapala offers Southern California Mexican cuisine, tequila and Pedialyte on tap in Ann Arbor

Local Eats: Try ‘high end’ bites at the Blue LLama Jazz Club in Ann Arbor

Local Eats: grab a pizza or a sub or try the ‘monster challenge’ at Thompson’s Pizza in Chelsea

Local Eats: Sava’s restaurant offers ‘high end dining’ cuisine in Ann Arbor

Local Eats: Miny’s Mexican restaurant in Ypsilanti township is named after its mother

Local Eats: Frita Batidos serves Cuban-inspired street food in Ann Arbor

Local Eats: Try the “ simple and honest food ” at Beezy’s Cafe in Ypsilanti

Local Eats: El Harissa serves Tunisian and North African flavors in Ann Arbor

Local Eats: Cravings Dessert Lounge infuses traditional with modern Middle Eastern flavor at Ypsilanti

Local Eats: A taste of the Middle East at the Palm Palace in the Ann Arbor area

Local Eats: Taste Italy in Ann Arbor at Mani Osteria & Bar

Local Eats: Ypsilanti bird dog cooking opened at start of Michigan coronavirus lockdown

Local Eats: Enjoy gourmet delights at the Broken Egg in Ann Arbor

Local Eats: Authentic Lebanese street food served at Pita Kabob Grill in Ann Arbor

Local Eats: Soul Food restaurant serves comfort in Ypsilanti canton

Local Eats: Ann Arbor’s New Area Restaurant Offers Burrito Bowls

Local Eats: Hola Seoul adopts virtual locations during pandemic

Local Eats: Five things to know about Haymaker Public House in Ann Arbor

Local Eats: Newly reopened Blue Nile restaurant offers traditional Ethiopian cuisine in Ann Arbor


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Terrifyingly Long Sonic Video Reveals Loot For Return Of 99 Cent Fritos Chili Cheese Jr. Wrap http://mijasguide.com/terrifyingly-long-sonic-video-reveals-loot-for-return-of-99-cent-fritos-chili-cheese-jr-wrap/ http://mijasguide.com/terrifyingly-long-sonic-video-reveals-loot-for-return-of-99-cent-fritos-chili-cheese-jr-wrap/#respond Wed, 07 Apr 2021 23:15:49 +0000 http://mijasguide.com/terrifyingly-long-sonic-video-reveals-loot-for-return-of-99-cent-fritos-chili-cheese-jr-wrap/

Sonic Drive-In today posted a really long video of a man eating a Fritos Chili Cheese Jr. Wrap.

Extremely long.

But, if you’re patient, in the video you’ll find an offer that Sonic fans might not be able to resist – a Fritos Chili Fleece Jr. envelope for 99 cents.

“With the same look and price as the Fritos Chili Cheese Jr. Wrap, it’s for real fans who want to wear what they eat. It’s one size fits all and comes with a hood and pocket to store extra Fritos Chili Cheese Jr. wraps. Quantities are limited, so order while supplies last. And don’t forget to share photos of yourself in your envelope (@sonicdrivein). “

The Fritos Chili Cheese Jr. Wrap is available for a limited time at participating establishments for 99 cents. It includes Fritos corn chips, chili and cheddar cheese wrapped in a hot tortilla. The regular size scarf is $ 2.49.

“To kick off the new year, we wanted to have some fun with our fans around one of the dormant hits from our limited-time menu, the Fritos Chili Cheese Jr. Wrap,” said Lori Abou Habib, Marketing Director of Sonic.

“This long comedic video – especially by today’s social media standards – brings a bit of whimsy to the world and was crafted to delight 99 watchful SONIC superfans who have the patience and the brand love to watch a video specially made to tip the ball. head. You just have to wait 9 minutes and 9 seconds to find out how. “

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Lancaster County farm’s raw goat milk, yogurt and cottage cheese contaminated with E. coli, state officials say http://mijasguide.com/lancaster-county-farms-raw-goat-milk-yogurt-and-cottage-cheese-contaminated-with-e-coli-state-officials-say/ http://mijasguide.com/lancaster-county-farms-raw-goat-milk-yogurt-and-cottage-cheese-contaminated-with-e-coli-state-officials-say/#respond Wed, 07 Apr 2021 23:15:49 +0000 http://mijasguide.com/lancaster-county-farms-raw-goat-milk-yogurt-and-cottage-cheese-contaminated-with-e-coli-state-officials-say/

Raw goat milk, goat milk yogurt, whey and cottage cheese made by a Lancaster County farm have tested positive for E. coli bacteria, according to the Pennsylvania Department of Agriculture.

Officials said consumers who purchased products made by Crystal Brook Farm on or before October 13 should throw them out.

“Tests performed during routine sampling indicated that the products tested positive for a pathogenic strain of E. coli bacteria,” the Agriculture Ministry said.

The milk, according to the Department of Agriculture, was sold to the Crystal Brook Farm Store, 3568 Scenic Road in Gordonville and the Dutch Meadow Retail Store at 694 Country Lane in Paradise in plastic half gallons.

Milk, whey and cottage cheese may also have been distributed to other retail outlets by the Dutch Meadows distribution center at 753 Country Lane in Paradise.

The agriculture ministry said it had ordered sales of the products to stop.

“With the exception of milk and 60-day ripened cheese, raw milk products are not legally sold in Pennsylvania. Milk sales will only resume when two consecutive tests from samples taken at least one day apart show that the raw milk produced at the dairy is free from pathogenic organisms and the department inspectors judge the facility. Complies with food safety regulations.

Not all E. coli bacteria can cause disease, the department said, but the strain found in this case can cause infection.

“According to the Centers for Disease Control and Prevention, symptoms of an infection caused by E. coli vary for each person, but often include severe stomach cramps, diarrhea, and vomiting. Some people may have a fever, which is usually not very high (less than 101˚F / 38.5˚C). “

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Troegs Mad Elf beer cheese is coming to a giant near you for a limited time http://mijasguide.com/troegs-mad-elf-beer-cheese-is-coming-to-a-giant-near-you-for-a-limited-time/ http://mijasguide.com/troegs-mad-elf-beer-cheese-is-coming-to-a-giant-near-you-for-a-limited-time/#respond Wed, 07 Apr 2021 23:15:49 +0000 http://mijasguide.com/troegs-mad-elf-beer-cheese-is-coming-to-a-giant-near-you-for-a-limited-time/

Spring Grove’s Troegs Independent Brewing, The Giant Company and Caputo Brothers Creamery have joined forces for another beer cheese project.

following previous collaborations on Troegenator Beer Cheese and Perpetual Beer Cheese, the three companies have come together once again for Mad Elf Beer Cheese. Inspired by the popular seasonal Mad Elf beer brewed at Troegs each year for the holiday season, the cheese is described by the creators as “a creamy, salty and sweet cheese with hints of cinnamon, chocolate, coffee. and honey ”.

The cheese is an all-Pennsylvania product, which includes hints of cinnamon, nutmeg and cloves from Calicutts Spice Co. in Hershey, as well as natural cocoa and Hershey’s espresso from Little Amps Coffee Roasters in Hershey. . The milk used to make Mad Elf Beer Cheese comes entirely from Pennsylvania dairy farms.

“This cheese connects so many different manufacturers in Pennsylvania,” says John Trogner, master brewer and co-founder of Troegs Independent Brewing, in a press release. “Brewers, cheese makers, coffee roasters, a spice company. And it helps farmers find sustainable ways to survive and thrive. On top of all that, it’s really very good.

Mad Elf Beer Cheese is available while supplies last at 185 Giant, Martin’s and Giant Heirloom Market stores, as well as Giant and Martin’s Direct online grocery stores. It is also available for delivery to Caputo Brothers Creamery Website, or you can also buy some of the cheese at the Troegs Brewery in the Township of Derry.


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Kraft Pumpkin Spice Mac and Cheese is Actually a Thing Happening in the United States http://mijasguide.com/kraft-pumpkin-spice-mac-and-cheese-is-actually-a-thing-happening-in-the-united-states/ http://mijasguide.com/kraft-pumpkin-spice-mac-and-cheese-is-actually-a-thing-happening-in-the-united-states/#respond Wed, 07 Apr 2021 23:15:49 +0000 http://mijasguide.com/kraft-pumpkin-spice-mac-and-cheese-is-actually-a-thing-happening-in-the-united-states/

The pumpkin spice craze is getting a little cheesy. It’s because Kraft announced a spicy pumpkin version of his famous cheese macaroni. It was first launched as a competition in Canada earlier this week and Kraft is now announcing its intention to transport the product south of the border.

Kraft describes this mac and cheese creation as having hints of cinnamon, hints of allspice and layers of ginger, nutmeg and cloves, all covered in cheese. It all started with a handful of Canadians who got to try the product through a contest.

“If you want to be one of 1,000 lucky Canadians to try it, totally free, sign up. here and we’ll let you know when it arrives later this fall, ”Kraft wrote on its contest page.

Now, Kraft tells MLive that it plans to bring the product to the United States.

“After seeing the huge response the Pumpkin Spice Mac & Cheese received north of the border, and even hearing heated debates about it here, we had to bring it to the United States so the Americans could l ‘try it out,’ said Martina Davis, Brand Manager at Kraft Macaroni and Cheese. “Who knows? Maybe he could become a new fall favorite in North America.”

ENTER TO TRY IT

From today through Tuesday, September 29, Americans can enter for a chance to get limited edition Kraft Pumpkin Spice Spice Macaroni & Cheese using #PumpkinSpiceKMC #Sweepstakes and tagging @KraftMacNCheese on Twitter for a chance to win one of 1,000 limited edition Kraft Pumpkin Spice Mac and Cheese products. here are the full contest rules.

MORE FOOD FROM MLIVE:

4 Michigan Pizzas Ranked Top 101 in the US by National Publication, with 1 in the Top 10

Guernsey reopens after million dollar renovation with 1950s soda store, booze and new flavors of ice cream

Popular Chicago-style Italian beef restaurant Portillo’s opens Michigan’s first location




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