Burger King, the nation’s second largest fast food hamburger chain after McDonald’s, has been sold, reports Bloomberg. Burger King has been a major TV advertiser for years.
According to the article, "Burger King Holdings Inc. agreed to be acquired by 3G Capital, a New York investment firm backed by Brazilian investors, for $3.3 billion in the biggest restaurant acquisition in at least a decade. Under the terms of the agreement, the second-largest U.S. burger chain can solicit superior bids through Oct. 12, according to a statement today."
In this tough economy Burger King has had a tougher time recovering than arch-rival McDonalds. That’s because "Burger King’s heavy user — young, male, and more likely to be a minority — has had a higher rate of unemployment than the McDonald’s consumer,” analyst Tom Forte of New York- based Telsey Advisory Group told Bloomberg.