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To: LindyBill who wrote (3241)	11/23/2002 4:59:47 PM
From: Condor	of 6901

Don't despair.... You can at least risk your lives economically now <g> +++++++++++++++++++++++++++++++++++++++++++++++++++++++ Burger King Cuts Prices in Price War By JOHN PAIN 11/22/2002 20:17:39 EST MIAMI (AP) - Burger King Corp. will slash the price of its double cheeseburger, the company said Friday as the fast-food industry tries to boost lagging sales by cutting prices. Miami-based Burger King will offer the burger for 99 cents from Nov. 25-Dec. 29. The double cheeseburger normally ranges from $1.79-$1.89. The price cut at the world's second largest fast-food chain follows a similar offer of comparable $1 sandwiches launched last month by McDonald's Corp., the industry leader. The battle started when Burger King created a short-term 99 cent menu for other products that prompted Oak Brook, Ill.-based McDonald's to follow suit. "Everybody is hurting now in the category," said Burger King spokesman Rob Doughty. But he said Friday's announcement was necessary to remain competitive with McDonald's. A McDonald's spokesman didn't immediately return a call Friday seeking comment. "Everybody's losing a little bit of market share ... so they're looking for ways to at least retain revenues," said Jerry McVety, the president of McVety & Associates, a Farmington Hills, Mich.-based food service consultancy. He said the industry's strategy is "it's better to sell a 99 cent something than to sell nothing." But "I don't think price wars ever benefit anyone except the consumer," McVety said. In seven of the past eight quarters, McDonald's has reported lower profits than in the comparable period, prompting the announcement earlier this month of restaurant closings and layoffs. Diageo PLC said this week it was trying to salvage its sale of Burger King after the U.S. investors who had agreed to the deal insisted on more attractive terms given sluggish market conditions. The investor consortium of Texas Pacific Group, Bain Capital and Goldman Sachs Capital Partners agreed in July to buy the chain for $2.26 billion. London-based Diageo said it still hopes to complete the sale by year's end but was considering other options.

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