Anti-Immigration Laws Force Corporate Downsizes by Shawn Hu
The recent waves of immigration legislation proposed by state legislatures has forced businesses to lay off large amounts of their workforce.
Investors of the fast food industry are being hit the hardest as a result of recent U.S. Immigration and Customs Enforcement investigations.
Chipotle, a Denver based fast food company, has been one of the most scrutinized by I.C.E. The immigration investigation delved into the hiring practices involved. Chipotle has nearly 580,000 restaurants throughout the country.
The fast growing burrito chain is well known for keeping a strong hold on labor costs control. Chipotle’s stock had a two year gain of 350 percent but investors fear that meteoric rise may be over. Since then, their shares have dropped 4.5 percent.
Immigration laws have mandated employers of illegal aliens to pay hefty fines if an immigration audit concludes the employment of illegal aliens. The possibility of future fines being imposed has caused many investors of Chipotle and fast food chains in general to speculate a decline in stock prices.
“My gut tells me this is a real issue, especially for fast-food restaurant chains leveraging cheap labor in high immigration states,” said Richard Fearon, founder and chief investment officer at Accretive Capital, a hedge fund based in Madison, Connecticut.
“There is a large, vote-yielding bull’s-eye painted on its back and sitting in the cross-hairs of the politicians,” said Fearon, who invests in restaurant operators, but does not hold Chipotle shares.
Chipotle fired 450 employees, which accounts for nearly 40 percent of its workforce in the state of Minnesota after an I.C.E. probe.
Probes in additional markets “would create downward pressure for the stock. I think it’s a risk,” said Miller Tabak analyst Stephen Anderson, who downgraded Chipotle last month to “hold” from “buy.”
Anderson further noted that if a I.C.E. probe were to take place California, Chipotle restaurant would most likely have another wave of firings, one larger than what took place in Minnesota. California is home to 165 of Chipotle’s restaurants, which accounts for around 15 percent of the company’s total restaurants.
Immigration fines are the latest in a string of unexpected and rising costs of operating a business in the food industry. The price increases in beef, produce and oil are already having an impact on the cost of dining out.
The combined speculation of all these overhead costs, along with the possible sanctions and fines imposed by I.C.E., will likely continue to drive down stock prices on Wall Street while increasing product for prices on Main Street.
About the Author
Shawn Hu is an Immigration & Immigration Defense attorney in Chicago. He helps people and businesses file visa applications, fight deportation proceedings, and everything in between. Call or email anytime for a free consultation: http://www.ShawnHuLaw.com
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