Shake Shack CEO says chain has ensured 'long-term stability' after returning $10 million PPP loan
Shake Shack CEO Randy Garutti on Monday said that the company returned its $10 million loan from the Paycheck Protection Program after accessing other kinds of capital through the public markets. The burger chain disclosed in a regulatory filing on Friday that it had received $10 million from the federal program. Shake Shack also said Friday that it is planning on selling up to $75 million in shares to strengthen its cash position. Garutti said that the company initially applied for a PPP loan to keep as many of its employees as possible. Shake Shack has furloughed more than 1,000 employees and closed 17 company-operated U.S. locations, as of Friday.
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