Shake Shack

Shake Shack is an American fast casual restaurant chain based in New York City.
==History==
In 2000, New York City began the rebuilding of Madison Square Park, which had fallen into a state of disrepair and misuse. As part of the redevelopment, restaurateur Danny Meyer helped spearhead the creation of the Madison Square Park Conservancy to help redevelop it. One of the first things the Conservancy did in its goal to improve the park was to host an art exhibit called "I <3 Taxi" inside of the park to raise awareness of the renewal effort. https://www.sec.gov/Archives/edgar/data/1620533/000104746914010114/a2222577zs-1.htm Meyer's Director of Operations, Randy Garutti, established a hot dog cart which was run out of the kitchen of Eleven Madison Park, one of Meyer's Union Square Hospitality Group operations. Over time, the cart became extremely successful, and remained in operation for nearly three years. https://www.forbes.com/sites/joshwolfe/2014/01/27/698/ 
In 2004, the city began taking bids to operate a new kiosk-style restaurant within the park; Meyer outlined his idea for the space, and opened the first Shake Shack in July 2004. From its beginning the restaurant was not designed to be a chain; it was intended to be a single shop location designed specifically for New York City. However, as the original location's sales continued to grow, the group realized that there was a market for expansion. https://www.forbes.com/sites/joshwolfe/2014/01/27/698/ 
Reports surfaced that the company was preparing to go public with an IPO and was discussing an underwriting with a number of investment banks, including J.P. Morgan, Morgan Stanley and Goldman Sachs. https://www.reuters.com/article/us-shakeshack-ipo-exclusive-idUSKBN0GF1P620140815http://fortune.com/2014/12/29/fast-food-chain-shake-shack-files-for-an-ipo/ 
In its IPO filing, the company stated that it planned to expand its domestic footprint to 450 company-operated stores. While no end date was given for that expansion, the company indicated its intention to open at least 10 restaurants each fiscal year, though it later amended that target to 12 a year and then again later in 2016 to 14 stores a year, a goal that would result in a total of 450 stores in approximately 25 years. https://www.cnbc.com/2016/03/07/shake-shacks-expansion-by-the-numbers.html 
==Controversy==
===Paycheck Protection Program===
In April 2020, Shake Shack applied for funding through the Paycheck Protection Program due to lost business during the COVID-19 pandemic. It received $10 million. https://www.nbcnews.com/business/business-news/shake-shack-returning-10-million-government-loan-meant-small-businesses-n1187541 Shake Shack was criticized for utilizing a loophole in the program which allowed it to qualify for monetary aid meant to help small businesses. The company operates 189 locations in the U.S., but only employs around 45 persons at each restaurant. https://www.nytimes.com/2020/04/20/business/shake-shack-returning-loan-ppp-coronavirus.html Shake Shack CEO Randy Garutti then said it would return the $10 million so that "restaurants who need it most can get it now." https://www.npr.org/sections/coronavirus-live-updates/2020/04/20/838439215/shake-shack-returns-10-million-loan-to-u-s-program-for-small-businesses In July, it was revealed that Shack Shake founder Danny Meyer's Union Square Hospitality Group took a total of between $11 and $27 million in PPP funding. Meyer was unapologetic about receiving the relief funds, despite the fact that the firm employs a total of 2,300 employees. When the Shake Shack relief funding was revealed, he had earlier appeared on at least one podcast stating that its acceptance of PPP funding was irresponsible. https://www.bloomberg.com/news/articles/2020-07-11/danny-meyer-took-ppp-loans-and-he-is-not-apologizing-for-it
==References==
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