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Tim Hortons
Tim Hortons Inc. (known internationally as Tim Horton's Cafe and Bake Shop) is a Canadian multinational fast casual restaurant known for its coffee and doughnuts. It is also Canada's largest fast food service - at the end of 2013, it had 4,592 restaurants in Canada, 807 in the United States and 38 in the Persian Gulf region.
It was founded in 1964, by Tim Hortons, a canadian hockey player and he partnered with Ron Joyce who later took control the company following Tim's death. Joyce expanded the chain into a multi-million dollar franchise. Charade left the organization in 1966 and briefly returned in 1970 and 1993 through 1996.
Tim Hortons franchises spread rapidly and eventually overtook McDonald's as Canada's largest food service operator. The company opened twice as many Canadian outlets as McDonald's and system-wide sales also surpassed those of McDonald's Canadian operations as of 2002.The chain accounted for 22.6% of all fast food industry revenues in Canada in 2005.
On Tuesday, 26 August 2014, Burger King announced their plan to buy Tim Hortons for around $11 billion ,in a deal that re-ignited the controversy over American companies moving their headquarters abroad to secure lower tax rates.
As part of the acquisition, the corporate headquarters of the new company will be in Canada, a move that may help Burger King lower its tax burden but exposed the company to a welter of criticism after it was confirmed.
The deal will bring 18,000 restaurants in 100 countries under the control of Brazilian private equity firm 3G Capital. Burger King already operates 14,000 restaurants in 98 countries, nearly all of which are franchisee-owned.
Burger King's operational headquarters will continue to be based in Miami, Florida, and Tim Hortons will run its business from Oakville, Ontario. The brands will continue to operate independently, the companies said.
- Part of Speech: proper noun
- Synonym(s):
- Blossary:
- Industry/Domain: Food (other)
- Category: Fast food
- Company:
- Product:
- Acronym-Abbreviation:
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