Update 4/20: Shake Shack says they are returning the $10 million PPP loan meant for small businesses. This is the right move and I am thankful that they have made this decision so our small businesses can have a chance at survival.
Shake Shack for a long time was a great place to enjoy a quality burger, but lately the chain with over 300 locations worldwide has run into a nasty PR crisis thanks to them taking $10 million out of the United States government’s Coronavirus (COVID-19) Payroll Protection Program relief despite being worth well over $1 billion dollars and publicly traded.
The chain sold off $75 million in shares after the taxpayer acquisition and also laid off over 1,000 of its employees before the Coronavirus has even hit its peak. Shake Shack has shown itself to be an empty-suit corporation with no values that will discard others in the industry and then soak up taxpayer cash for its own advantage.
This deplorable move comes at a time when our mom-and-pop small businesses are fighting for survival and is unacceptable, millions of small businesses were left out of relief. I will never eat at Shake Shack again. Take your $16 burger combo and die off in peace.
Shake Shack should return the $10 million they stole. I am sure there are thousands of small restaurants about to die off who would appreciate it. It didn’t have to be this way.
I hope others will join me in boycotting Shake Shack and their behavior during a time when unity is desperately needed for survival as the restaurant industry faces the worst crisis in history. We cannot have a few players swallowing all the cash that others really need during this time.
As consumers we should send a message to Shake Shack and all big chains that we will not support this disgusting greed.