Nathan’s Famous SEC document
An April 21 SEC document for Nathan’s Famous announces that the company has received a $1.22M Paycheck Protection Program loan from the federal government and that its hot dogs were produced by a currently closed Smithfield Foods meatpacking plant in Sioux Falls, SD which has been labelled as the top coronavirus hotspot in the USA. Despite the shutdown, Nathan’s does not expect a disruption in national frankfurter supplies even if the facility’s reopening (currently scheduled for the week of April 27) is delayed.
The primary manufacturer of our hot dogs, Smithfield Foods, has recently announced the closure of four of its plants due to COVID-19. The only plant closure that has any relationship to our operations is the Sioux Falls plant which is currently scheduled to reopen during the week of April 27, 2020. In the event that the Smithfield Foods plant reopening is delayed, we do not anticipate that the rapidly evolving COVID-19 outbreak will have a material adverse effect on our supply of hot dogs over the next several months.
update Daily Beast reports that Nathan’s will return the loan.
update April 28 President Trump announced he will invoke the Defense Production Act to force meatpacking facilities to remain open. Nathan’s Famous executive chairman Howard Lorber is a friend of the Trump family and hosted a fundraiser in 2018.
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anonymous said
April 28, 2020 @ 8:06 am
They might still hold the Nathans finals in coney but not sure if they will hold qualifiers. It would be an invitational thing. Crowd would be very limited in Coney Too much work for each state to create social distance markers at the tables.
Anonymous said
April 28, 2020 @ 1:02 pm
Why did Nathans borrow the money in the first place?
anonymous said
April 28, 2020 @ 2:22 pm
please disable the fuckin comments already because that stupid raina shit is getting crazy. You got a problem with her , contact her on facebook or whatever social media platform she uses
Anonymous said
April 28, 2020 @ 3:04 pm
Why? It’s cheap to borrow, even if they don’t need it. They can invest it in something else to leverage, financially.
Added Disability said
April 28, 2020 @ 3:31 pm
I say take it one step further, 2:22. All comments should be disabled. Only about 10% of them add any substance or meaning.
Anonymous said
April 29, 2020 @ 11:12 am
Nathan’s and other public companies like it can access debt very cheaply though the debt markets. It doesn’t need to participate in this government program.
And one could make the case that Nathan’s shouldn’t have issued junk bonds to pay a $25/share special dividend in 2015. That was nothing more than an irresponsible giveaway to its investors and officers. If it needs help now, that’s Nathan’s fault. But it doesn’t need help. It was just being greedy, like many of these companies that applied for loans intended to help smaller firms.
Anonymous said
April 29, 2020 @ 1:58 pm
11:12 am says it like it should be. Pure greed without thinking of others. I am filled with disgust. No empathy whatsoever.
Anonymous said
April 30, 2020 @ 7:34 pm
If you keep your payroll intact during the pandemic you will be forgiven from paying it back
anonymous said
May 1, 2020 @ 7:11 am
11:12 sounds like an economics major
TheWrench said (Registered September 2, 2019)
May 1, 2020 @ 6:48 pm
@2:22, to be fair, she can’t take criticism. You can’t tell her anything other than how great she is or she will just block you.
anonymous said
May 6, 2020 @ 1:38 pm
The latest thing according to Gov Cuomo is 66% of people being infected in NY by the virus are staying at home. This is getting crazy
I dont think politicians or CDC know what to do
https://www.cnbc.com/2020/05/06/ny-gov-cuomo-says-its-shocking-most-new-coronavirus-hospitalizations-are-people-staying-home.html
anonymous said
May 6, 2020 @ 2:16 pm
He should have just kept his mouth shut. Nathans just might happen after all because of his stupidity . 38 million in NY will read it and the ignorant ones will end up going out . You can kiss the stay at home rules goodbye this summer.
Anonymous said
May 6, 2020 @ 5:25 pm
Another comment which does not belong on this site. We can read the newspapers ourselves, watch tv and make up our own minds about the news.
@thewrench said
May 7, 2020 @ 9:19 am
You are completely correct . She has to be known as number one. She freaks out and cries like a baby.