Hotels, Restaurants and Leisure
Company Overview of Tim Hortons Inc.
Tim Hortons Inc. develops and franchises quick service restaurants primarily in Canada and the United States. Its restaurants provide coffee, espresso-based hot and cold specialty drinks, iced cappuccinos, teas, cold beverages, fruit smoothies, home-style soups, chilies, grilled Panini and classic sandwiches, wraps, yogurt and berries, oatmeal, breakfast sandwiches and wraps, and fresh baked goods. As of November 13, 2014, the company had 4,590 restaurants. Tim Hortons Inc. was founded in 1964 and is headquartered in Oakville, Canada. As of December 12, 2014, Tim Hortons Inc. operates as a subsidiary of Burger King Worldwide, Inc.
874 Sinclair Road
Oakville, ON L6K 2Y1
Founded in 1964
Key Executives for Tim Hortons Inc.
President and Chief Operating Officer
Executive Vice President of Finance
Restaurant Brands Chief Executive and Director
President of Tim Horton Children’S Foundation
Compensation as of Fiscal Year 2015.
Tim Hortons Inc. Key Developments
Tim Hortons Closes the Doors of its U.S. Headquarters
May 20 15
Tim Hortons closed the doors of its U.S. headquarters earlier this week as it shifts responsibilities ahead of a global expansion. Tim Hortons has historically struggled to find its footing in the U.S. market. Some progress was made during the first quarter, with U.S. same-store sales rising 8.9% from a year earlier helped by more interest in its lunch menu. The company has been undergoing extensive changes since being taken over by 3G Capital, a Brazilian investment firm which merged the operations with Burger King and now owns roughly 70% of the combined company. After the deal was finalized, 3G Capital began cutting jobs across company operations, laying off about 350 employees, which represented about 15% of its 2,300 staff at headquarters and regional offices. Since then, the company has made smaller job reductions throughout its operations, though representatives have attributed it to the normal course of business.
Tim Hortons Closes its Locations
Mar 26 15
Tim Hortons announced that Downtown Rochester will no longer be able to easily fill its cravings for Timbits and Tim Hortons mocha lattes. The company location inside the Central Library is closing up permanently as of March 25, 2015. Downtown's only other the company’s franchise at the Four Corners intersection closed earlier this month.
Tim Hortons Inc. Lays Off 350 Employees at its Headquarters and Regional Offices
Jan 30 15
Tim Hortons Inc. announced that about 350 employees lost their jobs at company this week in cuts focused mainly on the company's headquarters and regional offices. In total, about 15% of the 2,300 employees were included in the reduction, centered on its headquarters as well as regional offices and distribution centers across the country. Tim Hortons merged with Burger King under Restaurant Brands International late last year and the new owner was widely expected to cut staff. Part of Ottawa's stipulations in approving the merger restricted the company from laying off more than 20% of employees across its offices nationwide.
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August 26, 2014