What's Going On In The Business World? - Black Enterprise
Black Enterprise Magazine July/August 2018 Issue

Why say Earvin “Magic” Johnson and Fatburger in the same breath? Because an investment team, led by Johnson, has recently purchased the Fatburger Corp., a gourmet burger, chicken, and french fry restaurant chain. The group plans to take the 47 restaurants to “another level,” as well as open 100 additional spots nationwide. So the popularity of one of the oldest restaurant chains in the nation will no longer be limited to California, Arizona, Nevada, and Washington; now you’ll see Fatburger in airport terminals, sports stadiums, and in other states where Johnson Development Corp. has a presence.

Terri Lyn Gardner, daughter of Soft Sheen haircare products’ founders Edward and Bettiann Gardner, was the last family member to leave the firm as of December 31. Gardner is leaving to fulfill family and spiritual pursuits.

Football great Willie Lanier scores a touchdown with auto supplier TDS US when the firm received an “export consolidation” contract from DaimlerChrysler this past July. Lanier heads the minority investment group that purchased 51% of the firm. Although TDS US has several contracts with General Motors, Ford, and DaimlerChrysler through its Canadian-based operations, this DaimlerChrysler contract is predicted to increase annual revenues by $10 million over the next three years.

Apparently, the NAACP had technical difficulties when it tried to detail the presence of African Americans behind the scenes of the major networks–ABC, CBS, NBC, and FOX. Its report, Out of Focus, Out of Sync—Take Two, provided a blurred view of the industry’s diversity efforts because the networks failed to report consistent and complete data. It was clear that NBC spent a hefty $10.2 million with minority vendors, a pool that increased to 165 in 2000 from 48 in 1999. Also, FOX was the only network with an African American on its board of directors.

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