New York
CNN
—
Americans are revolting against McDonald’s and fast-food chains. That’s hurting french fry suppliers like Lamb Weston.
Lamb Weston, the largest producer of french fries in North America and a major supplier to fast-food chains, restaurants and grocery stores, is closing a production plant in Washington state. The company announced last week that it would lay off nearly 400 employees, or 4% of its workforce, and temporarily cut production lines in response to slowing customer demand.
Shares of Lamb Weston (LW) have dropped 35% this year.
The potato giant is oversupplied at a time when demand is sluggish. Restaurant prices in recent years have increased faster than grocery store prices, leading customers to pull back at fast-food chains.
This shift has taken a toll on Lamb Weston because people…
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