"sale" news and stories

It looks like Mario Batali is giving up on one of his New York eateries, Bistro du Vent, only 15 months after its opening. The Bistro is located on 9th St. in midtown Manhattan. It received reviews ranging from "not bad" to "deeply satisfying" and Frank Bruni gave it two stars, so the food isn't what is causing the sale. Its downfall was probably helped by the scandal that occurred last year, in which "four employees - including a chef - were caught on [security] videotape in a steamy after-hours sex romp" in the restaurant. Though the employees were subsequently fired, it's not the sort of thing that necessarily enhances a restaurant's reputation. Bistro du Vent has 12 years left on the lease and a $13,500 monthly rent.

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Taking their media empire online, Reader's Digest has just announced the purchase of Allrecipes.com for $66 million. The publisher had only 7 magazines in its organization eight years ago, but today they have 20 in publication, as well as 40 websites. Their magazines include Taste of Home and Everyday with Rachael Ray, in addition to their flagship magazine, Reader's Digest. A company spokesman said "it instantly gives us Seattle cool and online credibility." The sale also gives them a large advertising revenue, as the major source of income for Allrecipes.com was through advertisements placed on their site.

Reader's Digest plans to make Allrecipes.com the center point of its online operations, the main portal to its other magazines and websites, potentially taking content from it to put into some of its printed media. Though spokespeople from the company denied it, the move is a fairly obvious attempt to attract younger readers to the pages of Reader's Digest.

Allrecipes.com is a user-supported community comprised of 1.8 million members, the majority of whom are home cooks. Membership, which is free, allows users to create online profiles, share recipes and leave feedback on the recipes that other users have posted. In February, it was the third most popular food site on the web in terms of page views, behind the Food Network and Kraft Foods.

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Reed's, Inc., makers of a variety of ginger-based drinks and snacks including Reed's Ginger Brews, recently announced plans to make 2 million shares of its company available for public sale. Aside from a prospectus request form on Reed's website, the company will also start labeling their bottles with offers to buy the stock directly at $4 per share. A recent AP article points out that while public offerings such as this have worked for companies like Ben & Jerry's, Reed's still-limited sales may make it unappealing to investors. Still, Chris Reed, the company's founder, is optimistic, hoping to share in the ever-growing success of healthful soft drinks. Reeds, Inc. has also recently acquired Virgil's Root Beer and China Cola.